New York State has started work on establishing a retirement-savings plan for employees in New York’s private sector “who are not offered a retirement plan through their workplace,” per the program’s website. Gov. Kathy Hochul on Jan. 26 announced the convening of the New York Secure Choice Savings Program board, representing the first phase in […]
New York State has started work on establishing a retirement-savings plan for employees in New York’s private sector “who are not offered a retirement plan through their workplace,” per the program’s website.
Gov. Kathy Hochul on Jan. 26 announced the convening of the New York Secure Choice Savings Program board, representing the first phase in implementing such a retirement-savings plan.
Hochul signed legislation last fall to ensure that the Secure Choice Savings Program, which was originally enacted in 2018, is self-sufficient and accessible to workers who do not have access to employer-sponsored retirement plans.
The board is now in position to begin starting the program. The Secure Choice Savings Program includes automatic enrollment and payroll deduction into an individual retirement account (IRA). The program will be mandatory for most employers and employees can opt-out of the program at any time.
“The New York Secure Choice Savings Program ensures private-sector employees can save for retirement in a convenient, low-cost manner,” Hochul contended. “My administration is committed to the financial stability and success of all New Yorkers, and guaranteeing they have a reliable retirement plan is a large part of that mission.”
During its initial meeting held Jan. 26, the Secure Choice Savings program board directed the New York State Department of Taxation and Finance to begin implementing the program. The tax department will soon issue a public request for proposal for a consultant to help design the Secure Choice Savings program.
Hochul’s office calls it a “critical step to ensure the program is swiftly implemented” and begins helping New Yorker retirees.
The current New York State Secure Choice Savings Program board members are Chris Curtis, commissioner designee of the New York State Department of Taxation and Finance; Tom Nitido, New York State Comptroller designee; Shirin Emami, New York State Department of Financial Services Superintendent designee; Beth Finkel, state director of AARP New York; and Lisa Sorin, president of the Bronx Chamber of Commerce, per Hochul’s office.
