New York Secure Choice Savings Program Guide 2025 – Buffalo NY
New York Secure Choice Savings Program Guide 2025 – Buffalo NY
New York State’s rollout of the **Secure Choice Savings Program** is officially underway, and thousands of small and midsize employers are now required to take action. While the program’s goal is positive — expanding access to retirement savings for private-sector workers — it also brings **new responsibilities, deadlines, and compliance requirements** for business owners.
Here’s a clear breakdown of what employers need to know.
How Does the Secure Choice Program Work?
The NY Secure Choice Savings Program is a **state-sponsored Roth IRA program** designed for employees who do not have access to a retirement plan at work.
Key features include:
* Accounts are **Roth IRAs** owned by the employee.
* Employees are automatically enrolled at **3%**, but they can change their contribution or opt out.
* Employers do **not** contribute — only employees do.
* The state handles investment management and administration.
* Funds are portable, so employees keep their IRA even if they change jobs.
The goal: help workers save for retirement without requiring employers to create or manage a plan like a 401(k).
Which Employers Must Comply?
The law applies to **private-sector businesses** in New York State that meet all of the following criteria:
* **At least 10 employees** in the previous calendar year.
* Have been in business in New York for **at least 2 years**.
* **Do not currently offer** a qualified employer-sponsored retirement plan (401(k), SEP IRA, SIMPLE IRA, etc.).
If your business already offers a retirement plan, you **do not** need to participate.
Employer Responsibilities Under the Program
Even though employers do not fund the accounts, they still have multiple obligations. Required responsibilities include:
### ✔ **Registering with the State Program**
Businesses must enroll through the NY Secure Choice portal unless exempt.
✔ **Providing Employee Roster Information**
You must submit eligible employees’ information to the system.
✔ **Facilitating Payroll Deductions**
You must set up payroll to automatically deduct employee contributions and remit them to the program.
✔ **Maintaining Records & Notices**
Employers must give employees state-provided notices about enrollment and opt-out options and maintain appropriate documentation.
✔ **Keeping Up with Employee Status Changes**
New hires must be added to the program, and terminated employees must be removed.
Failure to comply may result in penalties — which increase for repeated violations.
Registration Deadlines
The state is rolling out the program in phases. As of 2025:
* Businesses with **10+ employees** are expected to complete registration during the rollout window.
* New employers that reach 10 employees in future years will need to register after meeting eligibility thresholds.
* The state will notify each business of its **specific required registration period**.
Because deadlines vary and enforcement is increasing, it’s best to get ahead of compliance now.
Do You Need Help Deciding Your Best Option?
Many New York employers are turning to private retirement plans — such as a 401(k), SIMPLE IRA, or SEP IRA — to avoid state-mandated rules and get more flexibility, better tax benefits, and stronger recruiting advantages.
A quick consultation can help you compare:
* NY Secure Choice vs. offering your own plan
* Costs, tax deductions, and employer benefits
* Best option for your business size and workforce
* Compliance steps and timeline