New York’s New Retirement Savings Mandate: What It Means for Employers

New York State is launching the Secure Choice Savings Program, a new retirement savings option designed to help private-sector employees save for the future. The program applies to employers that do not currently offer a qualified retirement plan.

Under the law, all private-sector employers with 10 or more employees who have been in business for at least two years must:

• Offer a qualified plan (401(k), 403(a), 403(b), SEP, SIMPLE IRA, or 457(b), or
• Register for the Secure Choice Program Roth IRA plan

Employers must register by the following deadlines:

• March 18, 2026 – 30+ employees

• May 15, 2026 – 15–29 employees

• July 15, 2026 – 10–14 employees

The Secure Choice Program provides employees access to a Roth IRA funded through payroll deductions. The default contribution rate is 3% of gross pay, which employees can adjust or opt out of at any time. Employer contributions are not permitted under the state program.

To comply, employers will:

• Complete registration using their EIN and the Access Code provided by the state

• Upload employee information to start the employee enrollment process

• Submit payroll contributions to the program site for funding

Participation is free for employers and simple to facilitate. Integration services are available from Bene-Care for an additional monthly fee.

Employers already offering a qualified retirement plan or with fewer than 10 employees must certify their exemption through the state’s portal.

For more information, click here, or reach out to a Bene-Care Payroll Specialist.