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Employers Without Retirement Plans Must Opt Into N.Y. State I.R.A.

Legislation signed last week by Gov. Kathy Hochul promises to improve access to retirement plans for millions of New Yorkers at seemingly minimal impact to small businesses. The law, dubbed the New York State Secure Choice Savings Program Act, will require private sector employers with over 10 employees to automatically enroll their employees in a state-administered retirement savings plan.