Live mandate
Does my New York business have to offer a retirement plan?
Short answer
Yes, if you had 10 or more employees in New York all of last year, have been in business at least 2 years and haven’t offered a retirement plan in the past 2 years. You either register for New York Secure Choice or certify that you offer a plan such as a 401(k). Newly eligible employers are due November 18, 2026.
Who must comply
New York Secure Choice covers employers that employed at least 10 people in New York at all times during the previous calendar year, have been in business at least 2 years, and haven't offered a qualified retirement plan in the preceding 2 years. The program counts employees from the NYS-45 quarterly wage reports. If you use a professional employer organization (PEO), your worksite employees count as yours.
Deadlines
Newly eligible employers must register by November 18, 2026. The first groups were due earlier in 2026: March 18 for 30 or more employees, May 15 for 15 to 29, and July 15 for 10 to 14.
Penalties
New York hasn’t published a penalty. The law lets the Secure Choice board set one but doesn’t name an amount. You still have to register or certify by your deadline.
How to get exempt
If you already offer a qualified retirement plan such as a 401(k), use the Access Code from your notice and your EIN to certify your exemption with New York Secure Choice. The certification stays in effect as long as you keep meeting the exemption criteria. If you join Secure Choice and later start a 401(k), you certify the exemption then and must tell enrolled employees at least 60 days before payroll deductions stop.
New York Secure Choice or a 401(k)?
New York Secure Choice accounts are Roth IRAs, so each saver is held to the IRA limit: $7,500 a year in 2026 and 2027, or $8,600 at 50 or older, across all their IRAs. Higher earners can be phased out of Roth contributions altogether, starting at $153,000 of income for single filers in 2026 and $158,000 in 2027. A 401(k) leaves far more room: employees can defer $24,500 in 2026 and $25,500 in 2027, plus catch-ups from age 50. New York Secure Choice doesn’t allow employer contributions, so you can’t add a match; a 401(k) can include one. New York Secure Choice costs employers nothing to run; savers pay the account and fund fees. New savers start at 3% of pay; savers can opt in to a 1% yearly increase up to 10%.
Sources
New York Secure Choice: Program details (employers) (newyorksecurechoice.com) New York Secure Choice: Contributions (savers) (newyorksecurechoice.com) New York Secure Choice Savings Program Board: Policies and Procedures (September 2026) (securechoice.ny.gov) New York State Secure Choice Savings Program: General Business Law Article 43 (securechoice.ny.gov) Internal Revenue Service: 401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500 (irs.gov) Internal Revenue Service: COLA increases for dollar limitations on benefits and contributions (irs.gov) Internal Revenue Service: 401(k) plan overview (irs.gov) Georgetown University Center for Retirement Initiatives: States: 2026 state program status (as of November 6, 2026) (cri.georgetown.edu)
This page is general information, not legal or tax advice. Confirm current rules with the state program before acting.
