Bill > S05728

This bill modifies the definition of "employer" in the New York State Secure Choice Savings Program to expand participation by lowering the minimum number of employees required for an employer to be included in the program from ten to five. The change means that businesses in New York state that have been operating for at least two years and have not offered a qualified retirement plan in the past two years will now be eligible to participate if they have at least five employees, instead of the previous ten-employee threshold. The Secure Choice Savings Program is designed to help workers at smaller businesses save for retirement by providing a state-sponsored savings option. The bill will take effect on the first day of January following its enactment, which could help more small businesses and their employees access retirement savings opportunities.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5728