Hochul signs legislation ensuring retirement plan for private sector employees

The Hochul Administration

(Photo by ANGELA WEISS/AFP via Getty Images)

ALBANY, N.Y. (NEWS10) — New York Governor Kathy Hochul has signed legislation ensuring retirement plan options for private-sector employees. The legislation requires private sector employers who do not provide a retirement plan to automatically enroll employees in New York State’s Secure Choice Savings Plan.

“Part of ensuring that New Yorkers are financially stable is guaranteeing they have a reliable retirement plan,” said Hochul. “This legislation allows all workers to have a sense of relief and security when it comes to retirement.”

Hochul said New York State’s Secure Choice Savings Plan promotes retirement saving in a convenient, low cost, and portable manner. Employees are able to opt out of the program at any time.

Established in 2015, the Secure Choice Savings plan is a retirement savings program in the form of an automatic enrollment payroll deduction IRA. The Department of Taxation and Finance will oversee the development and implementation of the program.

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