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 |
Not yet active
Originally, enrollment was slated to begin no later than December 31, 2021; however, there was no mechanism in place. The board held a meeting on January 26, 2022, and delegated its authority and responsibility for the development and implementation of the program to the Department of Taxation and Finance. Rollout details and deadlines haven't been issued yet. |
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 |
Default contribution rate |
3% |
Employer contributions |
Not permitted |
Investment options |
Default investment option and investments to be determined |
Fees |
No overall limits on administrative fees set, but become self-sustaining with all administrative costs/fees paid out of money deposited in the program (and initially from funds received by the state for the creation and management of the program and later repaid to the state). Participants will be assessed administrative fees on a pro-rata basis. |
Website |
Sources: Most of the information is from “State-Facilitated Retirement Savings Programs: A Snapshot of Plan Design Features,” Georgetown University Center for Retirement Initiatives, 10/31/21 and the program's website. It is subject to change without notice. Please contact the state to learn more.
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