New York State launched a new state sponsored retirement savings program required by state law. The law requires employers with ten or more employees who physically work in New York that do not offer a retirement plan to participate in The New York Secure Choice Retirement Savings Program.

New York Secure Choice will notify employers when registration opens, and employers will need their Federal Employer Identification Number (EIN), and the Access Code provided in the notice to register. Once an employer receives notification, they are required to either enroll in the program or submit an exemption certification if they already offer their employees a qualified retirement plan. The Access Code and employer EIN can be used to apply for an exemption.

Eligible employees will be automatically enrolled in New York Secure Choice by their employer and given a 30-day period to set up and customize an account or opt out. Employers will begin payroll deductions, submit contribution information and funding, and maintain records for staff who choose to stay in the program. The employer’s responsibility after enrollment is to facilitate the program. Employers are not required to contribute or provide any advice about the program or investments; these are managed between employees and the New York Secure program provider.

For more information on the Secure Choice Retirement Savings Program please visit, www.NewYorkSecureChoice.com.