Enrollment in the New York Secure Choice Savings Program has not started yet and is still under development. As of January 2024, enrollment is not required. Currently it is suggested that businesses with 10 or more employees will be required to enroll. Employers must have been in business for at least two years and without a qualified retirement plan for the two years prior.
| 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 | Unknown at this time | Compliant with state program |
| Eligibility | Age 18, both part-time and full-time employees | 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 | 3% of compensation unless employee opts out | Employee choice |
| Auto Escalation Feature | NO | NO |
| Minimum Employees to Participate | 10+ at all times during the previous calendar year | Any Number |
| Investments | Unknown at this time | More than 25 funds in a variety of Morningstar categories |
