New York Gov. Kathy Hochul launched Secure Choice, a state-run program that lets private-sector employees without workplace plans save automatically through payroll into portable Roth IRAs.
The initiative—free and simple for employers—follows a pilot and now applies to businesses with 10 or more employees that don’t offer a qualified plan, targeting the more than half of working New Yorkers lacking retirement coverage.
Ms. Hochul cast the rollout as part of her Affordability Agenda, saying automatic enrollment will boost long-term savings and help workers retire with greater security; legislative and city leaders praised the move as a practical fix for small-business employees and the self-employed.
Governor Hochul Announces Launch of New York State Secure Choice Retirement Savings Program
Governor Kathy Hochul today announced the launch of the New York State Secure Choice Savings Program, a new state-sponsored retirement savings program for private-sector employees who do not have access to a workplace retirement plan. Over 50 percent of working New Yorkers do not have access to a retirement plan through their employer — now for the first time in State history, those New Yorkers will have an easy way to save for their future. Governor Hochul continues to deliver on her Affordability Agenda, providing both direct financial assistance for today, and now with Secure Choice helping New Yorkers plan for tomorrow.
“With the launch of the New York State Secure Choice Savings Program, we are expanding access to retirement savings and empowering New Yorkers to invest in their future,” Governor Hochul said. “The program provides another tool for employees to build long-term financial security and plan for a dignified retirement.”
New York Secure Choice is free and easy for employers, and allows employees to save automatically through payroll deductions into portable Roth Individual Retirement Accounts (IRAs) they own and keep.
Following a successful pilot program, New York employers with ten or more employees that do not already offer a qualified retirement plan will now be able to provide their employees the opportunity to save for retirement at work.
New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller said, “New York Secure Choice provides a simple way for workers in New York State to save for retirement with every paycheck. By making saving automatic, the program helps more New Yorkers take control of their financial future.”
State Senator Jessica Ramos said, “The launch of the NYS Secure Choice Savings Program marks a major step forward in our commitment to financial security for all New Yorkers. For too long, many workers, especially in small businesses, have lacked access to building a stable retirement. This program changes that, and I thank Governor Hochul for making this part of her agenda.”
Assemblymember Al Stirpe said, “I am eager to see the New York Secure Choice Savings Program finally launch from idea to implementation. By making it easy for employees and self-employed individuals to save for retirement and employers to facilitate the process, New York Secure Choice provides an opportunity for previously uncovered workers to participate in long-term savings for the future. With more than half of New Yorkers left without an employer-sponsored retirement plan and hundreds of thousands of workers across the state, this program fills a critical gap with accessible financial assistance. Economic security and the ability to finish a hard-earned career with dignity are not privileges, but rights that each working person deserves.”
Assemblymember Rebecca A. Seawright said, “As Chair of the Assembly Committee on Aging, I commend Governor Hochul for launching the Secure Choice Savings Program, which offers working New Yorkers a simple and reliable way to plan for their financial future. Too many older adults face economic insecurity in retirement because they lacked access to savings options during their working years. This program will empower employees to build stability and independence, ensuring that every New Yorker has the opportunity to age with dignity and peace of mind.”
Council Member Yusuf Salaam said, “I want to thank Governor Hochul for her continued leadership in advancing the Affordability Agenda and for launching the New York State Secure Choice Savings Program. This initiative is a game-changer for the more than half of working New Yorkers who’ve had no access to retirement plans. By giving workers a simple, automatic way to save for the future, the Governor is helping ensure that more New Yorkers, including those right here in our community, can look forward to a more secure and dignified retirement.”
Council Member Keith Powers said, “It is crucial for all workers to plan for retirement. The time to prepare for the future is now, but employees who do not have the option to save for retirement lose out on the ability to let their savings grow and ensure long-term security. New York Secure Choice opens that opportunity to all, allowing New Yorkers to have power over their future.”
New York Secure Choice will notify employers required to facilitate the program and provide them with registration details. If you are an eligible employer, you can also enroll today by visiting www.NewYorkSecureChoice.com.
Sources: Governor.ny.gov , Big New York news
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