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Auto-IRA Law Aimed at Private Sector Signed by N.Y. Governor (1)

Oct. 21, 2021, 5:31 PMUpdated: Oct. 21, 2021, 7:23 PM

New York’s private sector employers that don’t offer retirement plans will be required to automatically enroll their workers in the state’s savings plan, according to legislation signed Thursday by Gov. Kathy Hochul.

The measure (S.5395A/A.3213A), which takes effect immediately, requires that employees be automatically enrolled in the state’s Secure Choice Savings Program to get more people in the private sector saving for retirement.

“Part of ensuring that New Yorkers are financially stable is guaranteeing they have a reliable retirement plan,” Hochul said in a statement announcing the bill signing. “This legislation allows all workers to have a ...