New York State is moving forward with the implementation of the New York State Secure Choice Savings Program, a self-funded retirement savings initiative designed for private-sector employees who do not currently have access to an employer-sponsored retirement plan.
As the state rolls out this program in waves, it is critical for small to mid-sized employers to identify their specific registration deadlines to avoid potential non-compliance.
What is the Secure Choice Savings Program?
The program requires “covered employers” to provide their employees with a payroll-deduction Roth Individual Retirement Account (IRA). A covered employer is generally defined as any entity that:
- Employed at least 10 employees in the state during the previous calendar year.
- Has been in business for at least two years.
- Does not currently offer a qualified retirement plan, such as a 401(k) or 403(b), to its employees.
Critical Deadlines for 2026
The New York State Secure Choice Savings Board has established a phased enrollment schedule based on the size of an organization’s workforce. Employers must take note of these two upcoming 2026 milestones:
- Employers with 15 to 29 Employees: You are required to register for the program no later than May 15, 2026.
- Employers with 10 to 14 Employees: Your registration deadline follows shortly after, on July 15, 2026.
Employers who already provide a qualified retirement plan are exempt but may still need to certify their exemption through the program’s portal to ensure they are not flagged for non-compliance.
Employer Responsibilities
Under the program, employers act as facilitators rather than plan sponsors. Responsibilities include:
- Registering by the applicable deadline via the state’s official portal.
- Distributing informational materials provided by the state to all employees.
- Facilitating payroll deductions for employees who do not opt out.
Importantly, employers are not permitted to provide a matching contribution, and they are not responsible for the investment performance or the administration of the IRAs.
Next Steps for Employers
To ensure a smooth transition and meet the upcoming 2026 deadlines, employers should:
- Evaluate Your Current Retirement Offerings: Confirm whether your existing plan meets the state’s definition of a “qualified plan”.
- Verify Employee Headcount: Review your 2025 payroll records to determine which registration window applies to your organization.
- Watch for Official Communication: Be on the lookout for a letter or email from New York Secure Choice. Ensure your administrative staff and IT filters are aware that this notice contains a critical Access Code required for your May or July deadline.
- Prepare for Communication: Develop a plan to distribute state-mandated disclosures to your workforce as the registration date approaches.
- Consult with Professionals: Seek guidance from your benefits advisor, legal counsel, or tax advisor to navigate the specific complexities of the program and potential penalties for late registration.
