![]() Provide all informational materials to employees regarding the program and their options.Withhold and remit employee contributions to the program.Provide necessary forms to current employees and all future employees to opt out of the program.Enroll each employee in the program that does not choose to opt out.Create payroll deductions in the chosen amount or the default 3% of employee wages.According to the law, employers that qualify must: Does not have a qualified retirement plan such as a 401(k) or 403 (b) offered to employeesĮmployers who qualify under these conditions have administrative responsibilities to ensure the Secure Choice Savings Program is enacted.Has been in business for at least two years.Has had at least ten employees at all times during the previous calendar year.What are the Employer’s Responsibilities?įor the sake of this program, an “employer” is defined as an entity that: Because the accounts will be Roth IRAs, money that is contributed will be after taxes are taken out of their paycheck. For those who do not opt out, they can either select a specific contribution amount or they will automatically have 3% of their wages deducted. The investment options for the Roth IRA will be decided by the program’s board.Įmployees have the option to opt out of the program, however employers do not. This program serves both part time and full time employees. The program covers all employees in the state who are at least 18 and earn wages from an employer who does not offer retirement benefits. This program takes automatic payroll deductions and transfers them to a Roth IRA for the employee. What is the New York State Secure Choice Savings Program? In this article, we will help guide you through the ins and outs of the New York State Secure Choice Savings Program and let you know what your next steps are as an employer in New York State. However, in 2021, Governor Hochul signed into law a bill that expanded the employers that are covered by the program and made enrollment mandatory for certain employers. View the full family law disclaimer here.The New York State Secure Choice Savings Program was first enacted in 2018 as a voluntary retirement savings plan that allowed employees whose employers did not offer retirement benefits to participate in automatic payroll deductions to put money toward retirement. The information on this site is not, nor is it intended to be, legal advice. Phyllis MacCutcheon licensed in CT and NM only. Giana Messore licensed in AR only – Little Rock, AR. Lisa Karges, Florida Resident Partner – Tampa, FL. ![]() Jerrad Ahrens licensed in NE and IA only. Dorothy Walsh Ripka licensed in OH, IL, MO, KY and TX only. Michelle Ferreri licensed in PA and NJ only – Philadelphia, PA. ![]() Joseph Cordell, licensed in MO and IL only. FREE BACKGROUND INFORMATION AVAILABLE UPON REQUEST. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. The choice of a lawyer is an important decision and should not be based solely upon advertisements. Attorney services are provided by licensed attorneys in every state where Cordell & Cordell offices are located.
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