NEW YORK STATE RETIREMENT MANDATE
New York's Retirement Mandate Is Here. Know Your Options.
Are you a New York business with 10 or more employees? You may need to take action under New York's retirement savings mandate. Explore retirement plan options that can help you meet the requirement while delivering value for your employees and your business.
Do you need to take action?
You may be subject to New York's retirement savings requirements if:1
You employ 10 or more workers
You've been in business for at least two years
You don't currently offer a qualified retirement plan
If you already offer a qualified retirement plan, you may have already satisfied the requirement.
If you don't currently offer a qualified retirement plan, don't settle for the minimum. Choose a retirement plan that satisfies the requirement with added benefits for your employees and your business.
Make your next step count
New York's retirement mandate may require action. The good news? You have options. A qualified retirement plan can offer advantages that go beyond a state-run IRA.
Attract and retain employees
Enhance your benefits package
Take advantage of potential tax credits2
Provide employees with additional retirement savings opportunities
Support long-term business growth
See how plans compare
Not all retirement plan options offer the same benefits. Compare plan features, flexibility, and potential advantages for your business and employees.
Feature | State IRA | 401(k) | PEP | SEP IRA | SIMPLE IRA |
|---|---|---|---|---|---|
Meets New York requirement | X | X | X | X | X |
Employer contributions available | X | X | X | X | |
Employee contributions available | X | X | X | X | |
Higher employee contribution opportunities | X | X | Limited | ||
Employer control over plan design | Low | High | Moderate | Moderate | Moderate |
Not sure where to start?
See which retirement plans make the most sense for your business size, goals, and budget.
Ready to take the next step?
An Ascensus retirement specialist can answer your questions and walk you through plan features, pricing, and next steps.
Complete the form, and our team will reach out within one business day. Need immediate assistance? Contact us directly.
Call our retirement specialists at 833-893-3233.
1Eligibility and compliance obligations are determined under applicable state law and guidance.
2Tax benefits, deductions, and credits are subject to applicable law and individual circumstances. Consult your tax advisor regarding eligibility and availability.