New York State mandates auto-IRA plan

New York Gov. Kathy Hochul signed legislation Thursday requiring private-sector employers that don’t provide their workers with a retirement plan to enroll them in the state’s auto-IRA program, the Secure Choice Savings Plan. The low-cost plan gives employees the freedom to opt out at any time.

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Enacted in 2018, the state’s self-sufficient retirement savings program is an automatic-enrollment payroll deduction individual retirement account.

The program is overseen by the New York State Secure Choice Savings Board, composed of nine appointed members. The state’s Department of Taxation and Finance is overseeing the development and implementation of the program.

[More: Oklahoma bills show auto-IRAs making headway in non-blue states]

The post New York State mandates auto-IRA plan appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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