Attention NY Employers: Ready or Not – Mandatory Retirement Program Deadlines Begin in 2026

After years of delay, the New York State Secure Choice Savings Program (“New York Secure Choice”) is now being implemented and most private employers in New York will soon be required to comply.

New York Secure Choice is a state-run retirement savings program, established under General Business Law Article 43, that requires many private employers in New York to:

1. Register and facilitate employee enrollment in state-sponsored Roth IRAs, or
2. Certify their exemption based on qualifying retirement plan coverage.

With registration deadlines approaching in 2026, Stein Adler recommends that employers begin evaluating whether they are subject to the program and prepare accordingly.

If you have questions about whether the New York Secure Choice Program will impact your business, or any other employment related questions or concerns, please contact Jonathan Adler, Casey Hail, or Melanie Sarver.

Who Must Comply?

An employer is required to register and facilitate the Secure Choice Program if it:

• Has been in business for at least two years; and
• Employed 10 or more employees in New York in the prior calendar year (includes full-time, part-time, and seasonal workers).

What Does Compliance Involve?

If an employer already offers a qualified retirement plan such as a 401(k), 403(b), SEP plan, SIMPLE IRA, or similar, it is not required to register, but it must certify its exemption by providing plan information to the Secure Choice Board.

If an employer does not already offer a qualified retirement plan, it must:

• Register using their EIN and an Access Code sent by the state via email or mail;
• Facilitate automatic enrollment of eligible employees in the Secure Choice Roth IRA; and
• Facilitate payroll deductions (default: 3% of gross wages unless the employee opts out or customizes contributions) and remit contributions to the Secure Choice Administrator.

Note: Employers cannot make matching or discretionary contributions under the Secure Choice program. The employer’s role is administrative and facilitative only.

Key Deadlines Based on NY Employee Headcount

How the Program Works for Employees

• Employees are automatically enrolled but may opt out or adjust contributions within a 30-day window.
• The default contribution rate is 3% of gross wages unless they choose otherwise.
• Employee accounts are subject to fees:
  • $28 annual flat fee (billed quarterly);
  • Asset-based fees between 0.22%–0.31%, depending on investment selections.
• Accounts are portable, meaning they stay with employees if they change jobs.

Stein Adler is Here to Help

Employers should begin reviewing their retirement plan statuses and preparing for these obligations now. Our team is available to:

• Evaluate your coverage and exemption eligibility;
• Assist with exemption certification or Secure Choice enrollment; and
• Help assess whether adopting a qualified plan may be a better alternative.

If you have questions about the New York Secure Choice Program and how it may impact your business please contact Jonathan Adler, Casey Hail, or Melanie Sarver.