ALBANY (WENY) – Thursday, Governor Kathy Hochul signed legislation ensuring all private-sector employees in the state have retirement plan options.
Under the new law, private-sector employers who do not provide workers with a retirement plan must automatically enroll employees in the state’s Secure Choice Savings Plan. That plan was established in 2015 and is a “self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA”.
“Part of ensuring that New Yorkers are financially stable is guaranteeing they have a reliable retirement plan,” Governor Hochul said. “This legislation allows all workers to have a sense of relief and security when it comes to retirement.”
The program is overseen by the New York State Secure Choice Savings Board which is made up of nine appointed members. The Department of Taxation and Finance will oversee the development and implementation of the program “as the board sees fit”.
Employees have the option to opt out of the program at any time.