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Employers

Help your employees save and help your business thrive

The Secure Choice Savings Program is New York’s new retirement savings program that requires certain employers to facilitate the program if they do not offer a retirement plan. Once the program fully launches, it will give businesses like yours an easy way to help employees save for the future, and it benefits you, too.

What’s more, it’s voluntary for employees — they can stay automatically enrolled or opt out and re-enroll later.

Already offer a retirement plan?

New York Secure Choice applies only to employers that don’t offer a qualified retirement savings plan for their staff. If you already offer one and receive a notification from New York Secure Choice when the program launches, use your unique Access Code and EIN to certify your exemption.

Program benefits

This program gives businesses like yours an easy way to help employees save for the future, and it benefits you, too.

Free to facilitate

With no cost to employers, New York Secure Choice helps employers offer access to a great benefit for employees.

Easy to set up

It’s easy to set up — no complex administration and minimal ongoing responsibilities.

Low time investment

It lets you focus on your business and offers easy integration with some payroll providers.

No fiduciary responsibility

You have no fiduciary responsibility, meaning you are not responsible for the investment decisions or outcomes of any employee that participates in the program.

Not responsible for matching contributions

You are not responsible for matching contributions. It is not permitted by the program.

Attract and retain employees

It’s a valuable benefit to attract and retain employees by giving them a simple and secure way to save through automatic payroll contributions into a Roth IRA.

The New York State Secure Choice Savings Program (“New York Secure Choice") is an automatic enrollment payroll deduction retirement savings program overseen by the New York Secure Choice Savings Program Board (“Board”). Vestwell State Savings, LLC (“Vestwell”), is the program administrator. Vestwell and The Bank of New York are responsible for day-to-day program operations. Participants who use New York Secure Choice beneficially own and have control over their Roth Individual Retirement Accounts (“IRA”), as provided in the program offering set out at NewYorkSecureChoice.com.

New York Secure Choice offers investment options selected by the Board. For more information on New York Secure Choice investment options, go to NewYorkSecureChoice.com. Account balances in New York Secure Choice will vary with market conditions and are not guaranteed or insured by the Board, the State of New York, the Federal Deposit Insurance Corporation (“FDIC”), or any other organization.

New York Secure Choice is a completely voluntary retirement program. Saving through a Roth IRA will not be appropriate for all individuals. Employer facilitation of New York Secure Choice should not be considered an endorsement or recommendation by your employer of New York Secure Choice, Roth IRAs, or the investment options offered in the program. Roth IRAs are not exclusive to New York Secure Choice and can be obtained outside of the program and contributed to outside of payroll deduction. Contributing to a New York Secure Choice Roth IRA through payroll deduction offers some tax benefits and consequences. However, not everyone is eligible to contribute to a Roth IRA.

Vestwell does not provide legal, financial, tax, or investment advice. Program participants should consider obtaining their own appropriate professional advice if you have questions related to taxes or investments before making any decisions regarding their participation or investment in the program.

The New York Secure Choice name and the New York Secure Choice logo are trademarks of the Board and may not be used without permission.