A simpler, more powerful retirement plan
for New York employers
Now, you can simplify retirement savings for your team with WealthRabbit. Our flexible, all-in-one platform helps you meet New York Secure Choice requirements while giving your business more control and your employees more ways to save. Stay compliant, save time, and build a stronger financial future with confidence.
What is New York Secure Choice?
New York State Secure Choice Savings Program (New York Secure Choice) is a state-mandated retirement savings program for employers that do not already offer a qualified retirement plan. Employers with ten or more employees in New York that have been in business for at least two years and do not offer a retirement plan must register or certify an exemption. Employees are automatically enrolled at a 3% contribution rate but can change or opt out at any time. Employers do not contribute to the accounts but handle registration and payroll deductions. .
Registration deadlines
The registration deadline depends on the size of your business.
- Employers with 30+ employees: March 18, 2026
- Employers with 15 to 29 employees: May 15, 2026
- Employers with 10 to 14 employees: July 15, 2026
Non-compliance penalties
Failure to comply with the state mandate may result in financial penalties:
- The specific penalty amounts are yet to be announced by the state
What you’re missing with New York Secure Choice
New York Secure Choice is designed to check a compliance box - but for businesses and employers, it often falls short:
- Limited investment optionsEmployees can't build customized retirement portfolios.
- No employer benefitsBusinesses spend time managing compliance, but don't receive tax incentives.
- One-size-fits-allEvery business is forced into the same model, regardless of size or needs.
- Minimal growth potentialLimited funds can mean lower returns for employees over time.
- Harsh penaltiesNon-compliance can result in significant penalties and added costs for employers.
Ready for a retirement solution that works better for your business?
SIMPLE IRA: The Smart Alternative to New York Secure Choice
A SIMPLE IRA plan offers significant advantages over the state-mandated option, providing tax benefits for employers and greater growth potential for employees. It's a powerful tool for attracting and retaining talent.
- Tax credits Qualify for up to $5,500 in tax credits for starting a new plan.
- Employer tax deductions Contributions you make are tax-deductible as a business expense.
- Higher contribution limits Both employees and employers can contribute significantly more than with New York Secure Choice.
- Investment flexibilityEmployees get access to a wide range of investment options, not just a few target-date funds.
- Attract & retain talentOffering a superior retirement benefit makes your company more competitive.
See How Much You Can Save with a SIMPLE IRA
Small businesses can take advantage of tax credits to help cover setup and administrative costs. By launching a new plan with auto-enrollment, you could qualify for up to $5,500 in tax credits!
How tax credits work
Tax credits are designed to offset the cost of setting up and administering, as well as contributing to the employees retirement savings.
Employers can claim up to $5,000 per year for three years to offset plan setup and administrative costs. They may qualify for additional tax credits.
- Auto-enrollment bonusIf you make the plan automatic (employees are enrolled unless they opt out), you get an extra $500 credit for 3 years.
- Employer contributionsYou may also get credits for money you put into employees' accounts (up to $1,000 per employee in the early years).
Together, these credits can add up to thousands in savings for your business. Curious how much you could claim?
Try our calculator and see exactly how much you could save.
Estimate your tax credit
Disclosure*
The SIMPLE IRA tax credit calculator is intended to estimate the average tax credit for your business. Please note, it does not constitute tax or legal advice.
Elevate your retirement savings with WealthRabbit
Instead of enrolling in New York Secure Choice, New York businesses can choose a qualified alternative like a WealthRabbit SIMPLE IRA — a smarter way to stay compliant
- Self-onboardingEmployers and employees sign up on their own—retirement plans are up and running in just a few clicks.
- Seamless payroll integrationWealthRabbit seamlessly connects with your payroll system to ensure accurate and timely contributions for every employee.
- Streamlined plan rolloversEasily roll funds from your existing retirement plan into WealthRabbit— no hassle, no delays.
- Automated contributionsEnjoy a hands-off approach to retirement savings. Set up automatic deposits so your team never misses a contribution.
- Employee & employer portalsManage contributions and investments anytime, anywhere — with real-time access to performance and account activity.
New York Secure Choice vs. WealthRabbit
A quick look at how WealthRabbit’s SIMPLE IRA compares to New York’s state program.
| Feature | New York Secure Choice | WealthRabbit SIMPLE IRA |
|---|---|---|
| Administrative efforts | State-mandated with limited customization; minimal employer involvement | Streamlined process with automated setup and payroll integration |
| Retirement options | Roth IRA only; default 3% contribution with auto-escalation to 10% and no employer match | More diverse investment options, customizable based on business needs |
| Eligibility criteria | Employers must have 10 or more employees age 18+ and be in business at least 2 years | Participation is open to employers with ≤100 employees earning ≥$5,000. A required contribution is either a 3% dollar-for-dollar match or a 2% nonelective contribution |
| Flexibility | State-regulated with fixed contribution rates and minimal flexibility | Highly customizable plan with the ability to modify contribution rated and match options |
| Monthly fees | Employee-paid: 0.22%-0.31% annual asset fee + $28/year account fee ($7 quarterly); no employer costs | User-friendly portals+mobile access + stronger growth Low-cost setup: $29/month + $4 per employee, no state fees |
| Employee experience | Basic account with limited tools for employees | Comprehensive dashboard, financial literacy resources, and rollover support |
Frequently asked questions
The New York State Secure Choice Savings Program (New York Secure Choice) is the state-facilitated Roth IRA program for private-sector employees whose employers do not offer a qualified retirement plan.
Private-sector employers in New York are required to register for New York Secure Choice or certify an exemption if they meet the following criteria:
- They have 10 or more employees in New York
- They have been in business for at least two years
- They haven’t offered a retirement plan in the preceding two years
Employers who do offer a qualified plan (such as a SIMPLE IRA) must still notify the state by certifying their exemption through the New York Secure Choice portal.
Registration deadlines are phased based on employer size:
- March 18, 2026: Employers with 30 or more employees
- May 15, 2026: Employers with 15 to 29 employees
- July 15, 2026: Employers with 10 to 14 employees
If you have questions about your specific deadline, contact WealthRabbit support for assistance.
As of now, New York has not announced any formal penalties for non-compliance with the New York Secure Choice program. Employers are still encouraged to register or certify an exemption by the deadline to ensure future compliance.
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