Understanding New York's State Mandates for Retirement Plans: Options and Compliance
Help your clients in New York navigate the state's retirement mandates and explore alternative plan options to satisfy mandates and meet their business goals.
Key Points
- State Mandate Compliance: Educate clients about the New York Secure Choice Savings program requirements, emphasizing that employers with ten or more employees must offer a retirement plan to comply with state mandates.
- New York Secure Choice Savings Overview: Explain the features of New York's retirement program, including automatic enrollment, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Qualified Options: Highlight the flexibility, contribution limits, and potential tax benefits of alternative retirement plan options such as 401(k) plans and PEPs.