New York State Mandatory Retirement Plan

A business acquaintance of mine, Cody Creenfield (This email address is being protected from spambots. You need JavaScript enabled to view it.) provided me with some relevant information I want to share with you.

On Oct. 22, 2021 NYS Governor Kathy Hochul signed a law making a workplace retiremnt plan mandatory for businesses with 10 or more in-state employees that have been in business for at least 2 years AND don't presently offer a plan.

NYS provides a state-facilitated IRA savings program, The New York State Secure Choice Savings Program,  to private sector businesses.  Companies do not have to use the NYS plan as long as they implement a plan.  NYS has not formally established a deadline as of yet.