New York City Secure Choice Savings Program

Legislation was passed to begin a program for New York City employers, but implementation is still to be determined. Employers with 5 or more employees in the previous calendar year whose regular duties occur in the city will be impacted. Employers must have been in business for at least two years.


Feature City IRA Plan Employer Sponsored 401k
Plan Type Payroll Deduction Roth IRA Pre-tax, Roth AND Employer Contributions
Contribution Limits Limited to $7,000 (2024) $23,000 (plus more if over age 50)
Compliance To be determined Compliant with state program
Eligibility Age 21, work at least 20 hours per week with regular duties occurring in New York City Employer controls eligibility requirements
Plan Costs Not currently available Dependent on type of plan design chosen.
Tax Deductible NO Employer contributions are tax deductible
Tax Credit Available NO Plan costs qualify for available tax credits
Default Contribution 5% in NYC unless employee opts out Employee choice
Auto Escalation Feature Unknown at this time NO
Minimum Employees to Participate 5 in NYC Any Number
Investments Unknown at this time More than 25 funds in a variety of Morningstar categories

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