Requirement Postponed

NY State requires all private employers who have employed 10 or more employees during the previous calendar year, and have been in business for 2 years or more, to enroll their employees in the State Retirement program, if they do not offer a qualified retirement plan.

Contact your payroll processing company to learn more on this mandated payroll deduction.

Although this was made law on October 2021, the state program is not operational, yet; therefore, you are not required to offer this to your employees, at this time.

From NYS website: Upcoming deadline: None. Although the Act was effective immediately, the program is not yet operational. Employers will have 9 months until after the program is enacted to comply with the legislation and assume program responsibilities.

Click here for more information on the New York State Secure Choice Savings Plan