Critical Deadlines for New York Secure Choice Savings Program Registration
June 9, 2026In 2021, New York established a state-sponsored retirement savings program, known as the Secure Choice Savings Program (the "Program"), for small employers who do not offer a qualified retirement plan such as a 401(k), 403(b) or pension plan for their employees. The deadline for employers who are subject to the law to register has arrived.
Specifically, an employer (for-profit and not-for-profit employers are covered) is required to register under the Program, if it: (i) does not offer a qualified retirement plan to its employees; (ii) employed 10 or more employees in New York in the prior calendar year; and (iii) has been in business for at least 2 years. The deadlines for registering are as follows: (i) March 18, 2026 for employers with 30 or more employees; (ii) May 15, 2026 for employers with 15 to 29 employees; and (iii) July 15, 2026 for employers with 10 to 14 employees.
New York employers should have received a notice from the Program's administrator providing them with an access code and information on how to register on the Program's online portal at www.newyorksecurechoice.com. Employers who have not received such notification from the Program can go to the portal to get an access code and register as well. Employers who are not covered by the Program because they sponsor a qualified retirement plan should log on to the portal to certify that they are exempt.
Once registered, an employer is required to provide informational materials to its employees, upload employee information on the portal and coordinate with its payroll vendor for forwarding employee contributions made via payroll deduction to the Program each pay period.
Once registered, employees will be automatically enrolled to contribute 3% of their gross income in the Program on an after-tax basis. The Program will notify employees of their enrollment and provide them with an opportunity to opt out of the Program, to adjust their contribution rate and select among the Program’s investment choices. The employee accounts under the Program will be treated as Roth IRAs and administered by the State.
While at this time, the specific penalties applicable to employers who fail to comply have not been publicly announced, employers for whom the registration deadline has passed are encouraged to register immediately.
For more information about the Program or other executive compensation, benefits, ERISA or retirement plan matters, please contact:
Fred R. Green at +1 212 592 5910 or [email protected]
For more information about employment matters, please contact:
Carol M. Goodman at +1 212 592 1465 or [email protected]
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