New York State has launched a retirement savings program for private-sector employees who do not have access to a workplace retirement plan.
Governor Kathy Hochul said the New York State Secure Choice Savings Program will give the more than 50 percent of working New Yorkers who do not have access to a retirement plan an easy way to save for their future.
New York Secure Choice is free and allows employees to save automatically through payroll deductions into portable Roth Individual Retirement Accounts (IRAs) they own and keep.
Following a successful pilot program, New York employers with ten or more employees that do not already offer a qualified retirement plan will now be able to provide their employees the opportunity to save for retirement at work.
New York Secure Choice will notify employers required to facilitate the program and provide them with registration details. If you are an eligible employer, you can also enroll by visiting www.NewYorkSecureChoice.com.
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