ALBANY, N.Y. — Governor Kathy Hochul announced the launch of the New York State Secure Choice Savings Program Wednesday.
The state-sponsored retirement savings program is for private-sector employees who do not have access to a workplace retirement plan. According to Gov. Hochul, more than 50% of New Yorkers do not have access to a retirement plan through their employer.
“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,” said Governor Hochul. “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 for employers and allows employees to put payroll deductions into portable Roth Individual Retirement Accounts that they own and keep.
“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,” said New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller.
New York employers with ten or more employees that don’t offer a qualified retirement plan now have the opportunity to provide their employees the opportunity to save for retirement at work.
“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,” said State Senator Jessica Ramos.
