New York has officially opened employer registration for the Secure Choice Savings Program, a state-run retirement initiative established in 2021 under New York General Business Law Article 43. The program is designed to provide Roth IRAs for private-sector employees who do not have access to a qualified retirement plan through their employer. Starting in March 2026, eligible employers will be required to either register or certify their exemption.
Employers must participate if they’ve been in business for at least two years, had ten or more employees in New York during the previous calendar year, and do not offer a qualified retirement plan. While there are no fees or contribution requirements for employers, employees will be automatically enrolled and subject to a $28 annual fee plus an asset-based fee. If they do not opt out or customize their participation within 30 days, a default 3% of gross income will be deducted from their wages.
Employers offering a qualified retirement plan must certify their exemption by reporting plan details to the Program’s governing Board. Registration and exemption deadlines vary by employer size, beginning March 18, 2026, for those with 30 or more employees.