New York State Secure Choice Savings Program
State of New York IRA program
Year enacted |
2021 (amends the previously enacted voluntary New York State Secure Choice Savings Program law) |
Status |
Program officially launched on 10/08/2025 with staggered registration deadlines
30 or more employees 03/18/2026 15 - 29 employees 05/15/2026 10 -14 employees 07/15/2026 |
Employers affected |
An employer who at all times during the previous calendar year employed at least 10 employees in the state, has been in business at least two years, and hasn't offered a qualified retirement plan, including but not limited to a 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b) plan in the preceding two years |
Type of account |
Roth IRA |
Automatic enrollment |
Yes |
Auto-escalation |
No (permits voluntary election of 1% each year up to a maximum of 10%) |
Default contribution rate |
3% |
Employer contributions |
Not permitted |
Investment options |
Initially, contributions are invested in the Conservative Principal Protection Fund for 30 days. After that, existing and future contributions are directed to a Target Retirement Date option based on the individual's age and an assumed retirement at age 65. |
Fees |
An annual asset-based fee ranges from 0.22% to 0.31%, depending on the individual's investment choices. This means the account holder will pay from $0.22 to $0.31 for every $100 in their account. In addition, there is an annual per-account fee of $28, billed quarterly at $7. |
Website |
Sources: Most of the information is from the program's website. It is subject to change without notice. Please contact the state to learn more.
Learn more about the opportunity with state-facilitated retirement plans
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker dealer for the John Hancock mutual funds. Member FINRA, SIPC.
John Hancock Retirement Plan Services LLC offers administrative or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, New York. Product features and availability may differ by state. Securities offered through John Hancock Distributors LLC. Member FINRA, SIPC.
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