October 29, 2025
New York Employers Must Soon Provide Retirement Plans for Employees
On October 8, 2025, New York Governor Kathy Hochul announced the official launch of the New York State Secure Choice Savings Program, a state-sponsored retirement savings program that covered New York employers will be required to make available to their employees. The program was first established in 2021 but its enforcement has been delayed until now.
New York joins a growing number of states that are requiring private employers to provide retirement savings programs. New Jersey implemented its RetireReadyNJ program last year, as we reported here.
Covered Employers
New York employers who meet the following criteria will be required to administer the NYS Secure Choice Savings Program:
- Employed 10 or more employees in New York during the prior calendar year.
- Has been in business for at least two years.
- Does not currently sponsor a qualified retirement plan for its employees.
Employers who already provide their employees with access to a retirement plan are not required to enroll in the state-sponsored program.
How and When to Enroll
Registration is currently open for covered employers. Employers are required to enroll by the following dates:
- 30 or more employees – March 18, 2026
- 15 to 29 employees – May 15, 2026
- 10 to 14 employees – July 15, 2026
When it is time for your business to register, employers will receive an email from NYS Secure Choice Savings Program with a unique access code to enter here: https://newyorksecurechoice.vestwell.com/register/employer.
Employers may also elect to proactively enroll in the program by requesting an access code on the program website.
Employers who already offer a qualified retirement plan may use their unique access code and employer identification number (EIN) to certify exemption from the Secure Choice program.
Employer Obligations
After employers register in the program, employers must provide their contact information, a list of their employees, and their payroll information. There is no cost to employers to facilitate the program. The State will contact employees directly and automatically enroll them in Secure Choice. Employees will be able to customize their savings rate and investment choices, or opt out.
Employers will be required to make payroll deductions and submit the contributions of their participating employees. Employers are not required or permitted to match those contributions.
At least once every year, employers must designate an open enrollment period during which new employees or employees who previously opted out may enroll in the program.
Penalties and Fines for Noncompliance
Employers who fail to enroll in the Secure Choice program or provide other retirement plan options may face penalties or fines from the State.
Employers are encouraged to reach out to any Book Law LLP attorney or Charlotte Pramer at cpramer@booklawllp.com with questions or concerns about their obligations to offer a retirement program.
