Governor Kathy Hochul has announced the launch of the New York State Secure Choice Savings Program, a new state-sponsored retirement savings plan for private-sector employees who do not have access to a workplace retirement plan.
Currently, more than 50 percent of working New Yorkers lack access to an employer-based retirement option. For the first time in state history, those workers will now have a simple way to save for their future.
As part of Governor Hochul’s Affordability Agenda, Secure Choice is designed to provide financial stability both now and in the years ahead. The program is free and easy for employers and allows employees to save automatically through payroll deductions into portable Roth IRAs that they own and keep, even if they change jobs.
Following a successful pilot program, employers with ten or more employees who do not already offer a qualified retirement plan will now be required to facilitate Secure Choice. Employers will be notified with registration details and instructions from the state.
Governor Hochul said the new program delivers on her commitment to help New Yorkers build a stronger financial future while keeping the state affordable for working families.
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