If you run a New York business with 10 or more employees and you don’t already offer a retirement plan, the state gave you a deadline this year — and depending on your headcount, it may have already passed. This isn’t a “someday” compliance item. It comes with a real fine, per employee, that starts accruing the day you’re found out of compliance.
What the mandate actually requires
New York’s Secure Choice Savings Program applies to any private employer with 10 or more employees that doesn’t already sponsor a 401(k), 403(b), SEP, SIMPLE, or pension plan. If that’s you, you have two options: register for the state’s program, which auto-enrolls your employees into a Roth IRA at a 3% default contribution rate (they can opt out or change it), or certify that you’re exempt because you already offer a qualifying plan.
The registration deadline was staggered by size: March 18 for employers with 30 or more employees, May 15 for 15 to 29 employees, and July 15 for 10 to 14 employees. If your business falls in that smallest bracket, that deadline was a week ago as of this writing.
Not sure whether your business is covered, already exempt, or past a deadline you didn't know existed? I'll check your headcount against the mandate and tell you exactly where you stand.
Book a 15-minute call →What it actually costs to be late
The penalties start at $250 per employee for non-compliance and climb past $1,000 per employee for continued failures. Run the math on a business with 12 employees that never registered and never certified an exemption: $250 × 12 is $3,000 in exposure on the low end — and that number is the floor, not the ceiling, if it drags on. The good news is the state isn’t looking to punish you for being a week late; registering or certifying now generally stops the clock going forward. The businesses that get hit hardest are the ones that ignore the notices, not the ones that missed the original date.
The smarter move if you don’t have a plan yet
Here’s the part worth thinking through instead of just checking a box: the state’s default is a 3% Roth IRA with no employer match required. That satisfies the mandate, but it may not be the best move for you or your team. If it’s just you and maybe your spouse on payroll, a Solo 401(k) can shelter a lot more of your own income than a Roth IRA ever will. If you have employees and want to actually attract and keep good ones, a SEP-IRA or SIMPLE IRA gives you a plan you control, with real tax-deductible contributions on the employer side — not just a state-run default you register for and forget about.
Registering for Secure Choice satisfies the law. It doesn’t necessarily serve your business the way a plan built around what you’re actually trying to accomplish would.
Whether you need to register for Secure Choice, certify an exemption, or you'd rather set up a real retirement plan that does more for you and your team, let's figure out the right move before the state figures out you haven't made one.
Talk it through with me →This article is general information, not tax or legal advice. Confirm your exact employee count, coverage status, and deadline directly with the New York State Secure Choice program before you register, certify an exemption, or assume you're covered.