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Savers

Program details

New York Secure Choice can help you save for retirement through automatic payroll contributions to your own Roth Individual Retirement Account (IRA). Setting up an account is easy, and you can decide how much to save.

Save through your employer

If your employer facilitates New York Secure Choice when the program launches, you can choose to:

Do nothing and save automatically

Your employer will add you to the program. If you choose to do nothing, after 30 days you will automatically save with the default savings and investment options. The default savings rate is 3% of your gross pay, and that amount is deducted from your paycheck after taxes have been taken out.

Customize your account

You can choose to customize your contribution amounts, investment options, and beneficiaries. Once enrolled and your account is established, you’ll start saving a percentage of your paycheck automatically in your own retirement savings account — a Roth IRA. You can also choose to automatically increase your savings rate each year until you reach 10% or choose otherwise.

Opt out

Participation in New York Secure Choice is completely voluntary. You can opt out or re-enroll in the program whenever you’re ready.

Save on your own

If you’re self-employed or don’t work for an employer registered with New York Secure Choice, you can contribute directly to your own Roth IRA account. It’s easy and takes only a few minutes to get started:

Create an account

You’ll just need your Social Security number, date of birth, and residential address.

Customize your savings choices

Set up automatic contributions from your bank account to your New York Secure Choice account, or choose the initial minimum contribution and select your investment options.

What to expect when you’re enrolled

If you were added by your employer and chose not to make changes to your account, after the 30-day opt out period you’ll automatically save with the default savings and investment elections:

3%

Contribution rate

3% of your gross income earned with your facilitating employer will be contributed to your account and that amount is deducted from your paycheck after taxes have been taken out.

First

30

days

When you begin saving, your funds will be invested in the Conservative Principal Protection option until 30 days have passed after your initial contribution.

After

30

days

After 30 days, your existing savings and future contributions will be invested in a default Target Retirement Date option based on the expected year of your retirement at age 65.

Program eligibility

You’re eligible for an account if:

  • You are at least 18 years old

  • You have earned taxable wages from a New York employer

Image of savings growing

What is a Roth IRA?

A Roth IRA is a type of retirement account that you fund with your after-tax wages, a percentage of which are deposited into your Roth IRA. Your Roth IRA earns money based on the performance of the investments you choose, and those earnings are automatically added to your contributions. When you retire and start taking money out of your Roth IRA, both your contributions and earnings are tax-free, provided you meet IRS requirements. For more details on Roth IRAs you can visit the Internal Revenue Service (IRS) website.

How to customize your account

Once you have set up your New York Secure Choice account, you’ll have the power to:

  • Change your contribution rate

  • Select to automatically increase your savings rate each year

  • Change your investment selections

  • Designate beneficiaries

  • Manage your personal information

  • Make withdrawals

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.