Employers that have operated for at least two years and that had 10 or more employees in New York throughout 2025 (Covered Employers) should take immediate action to comply with the New York State Secure Choice Savings Program.
The Program is designed to expand access to tax-advantaged retirement savings for private-sector employees. Covered Employers who do not offer a qualified retirement plan must facilitate employee pre-tax contributions to a Roth IRA by registering for the Program. Covered Employers who do offer a qualified retirement plan (such as a 401(k) plan or a 403(b) plan) are exempt, but must provide information about their plan to the Program.
Covered Employers must either register for the Program here at no cost or certify that they are exempt from the Program here. The deadline for registering or certifying varies depending on the employer's size in 2025:
- Covered Employers with 30 or more employees were required to register for the Program or certify their exempt status by March 18, 2026.
- Covered Employers with 15 to 29 employees must register or certify by May 15, 2026.
- Covered Employers with 10 to 14 employees must register or certify by July 15, 2026.
Are there penalties?
No specific penalty for failure to register or certify has yet been announced, but it is safe to assume that penalties will be imposed at some point. Covered Employers should register or certify by the applicable deadline to insulate themselves against any future enforcement action.
What is the deadline if my company first becomes a Covered Employer in 2026?
No specific deadline has been announced. However, the Program has said that it will notify employers of their deadline through a series of emails or letters.
Please do not hesitate to contact the Venable Employee Benefits and Executive Compensation Group if you have any questions or comments.