Implementation of Retirement Savings Program Begins
Governor Kathy Hochul today announced the convening of the New York Secure Choice Savings Program Board. This is the first phase in establishing a secure retirement savings plan for employees in New York’s private-sector. Governor Hochul signed legislation last fall to ensure that the Secure Choice Savings Program, which was originally enacted in 2018, is self-sufficient and accessible to workers who do not have access to employer-sponsored retirement plans.
«The New York Secure Choice Savings Program ensures private sector employees can save for retirement in a convenient, low-cost manner,» Governor Hochul said. «My administration is committed to the financial stability and success of all New Yorkers, and guaranteeing they have a reliable retirement plan is a large part of that mission.»
Under Governor Hochul’s leadership, the Board is now in position to begin implementing the program, which will ensure that private-sector employees have access to a retirement savings plan. The Secure Choice Savings Program is a self-sufficient retirement savings program that features automatic enrollment and payroll deduction into an Individual Retirement Account (IRA). The program will be mandatory for most employers and employees can opt-out of the program at any time.
During today’s initial meeting, the Secure Choice Savings Program Board directed the Department of Taxation and Finance to undertake the implementation of the program. The Tax Department will soon issue a public Request for Proposal for a consultant to help design the Secure Choice Savings Program. This is a critical step to ensure the program is swiftly implemented and begins helping New Yorker retirees.
The current New York State Secure Choice Savings Program Board members are:
- Chris Curtis, Department of Taxation and Finance Commissioner Designee
- Tom Nitido, New York State Comptroller Designee
- Shirin Emami, Department of Financial Services Superintendent Designee
- Beth Finkel, State Director of AARP New York
- Lisa Sorin, Bronx Chamber of Commerce President
Acting Secretary of State Robert J. Rodriguez said, «By establishing the New York Secure Choice Savings Program Board, Governor Hochul is moving forward with the plan to lift millions of New Yorkers to a safe financial ground that will allow them to live independently in retirement. As an elected official in East Harlem, and lead sponsor of the bill, I understood the need for all New Yorkers to be able to retire with dignity, while also providing small business with an easy low-cost option to make this life changing benefit available to all New Yorkers, and with this program NYS took the steps to bring financial empowerment and equity to thousands of seniors in New York. At Department of State, our mission is to support our corporations and individual licensees and this program is another tool for ensuring NYS is supporting workers and small business in our state while being truly «open for business.»
Senator Diane Savino said, «People always think they have time to save for retirement but many never do. Preventing New Yorkers from aging in poverty was the goal when then Assemblyman, now acting Secretary of State Robert Rodriguez, and I introduced a bill several years ago to create the NYS Secure Choice Retirement Plan. I applaud Governor Hochul seeing the value in this program, signing the improvements to this law, and quickly assembling the board. I hope the members of the board will act swiftly and wisely in bringing this plan to completion.»
For more information visit the New York Secure Choice Savings Program Board website.