Be on the lookout. A new law now requires most NY Businesses to offer a retirement plan to their employees. When does this new law go into effect, and what are your options? Stick around to find out.
It’s hard to believe, but New York State is imposing new responsibilities and costs upon NY business owners. This time it’s in the form of forcing businesses who:
To start offering their employees a retirement savings program.
New York State is rolling out its own retirement program called the secure choice savings program.
However, like many government-run programs, it’s not always the best option for you and your employees.
So, what are your options?
Obviously, your first option is to enroll in the government-run secure choice savings program.
A second option is to implement a 401k retirement savings plan for your company.
And a third option is to start a Simple IRA plan for your business.
What would I do?
Depending on the amount of money you want to spend to administer a plan, and the amount of money employees want to save income-tax-free, I would choose from either the 401k plan or the Simple IRA plan.
The bottom-line is you do have choices. Before the deadline, you want to explore your options and implement a plan, so you and your company comply with this law.