New York State Secure Choice Savings Program

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

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