The State of New York is launching a mandatory retirement savings program (the “Program”) for companies with 10 or more employees. The Program requires employers to automatically enroll employees into a retirement account administered by a third-party provider selected by the Program.
The most important thing to know is that employers who have maintained a qualified retirement plan at any point during the preceding two-years are not required to participate in the Program. The Program’s Policies and Procedures specifically exclude such employers. Therefore, as long as you continue to sponsor a qualified plan, you are not subject to this requirement.
For employers that are required to participate, please note the following design limitations of the State-run Program:
If you are a New York State employer that has previously submitted tax and labor records evidencing a current retirement plan, you should not receive a notice from the State.
Because the Program is still in its early implementation stages and the State’s records may be incomplete or inaccurate, your company may receive a notice encouraging registration. If you receive such a notice, use the unique access code to log in and certify that your company qualifies for the exemption due to its existing qualified retirement plan.
If you have questions about your plan’s status or your obligations under the New York Secure Choice Savings Program, please contact your Sentinel representative.
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