Employers with 10 or more employees (NYC is requiring employers with 5 or more employees) that do not offer a retirement plan will be required to participate in the New York Secure Choice Savings Program.
However, there are other options available that may fit your business better!
THE SECURE ACT 2.0
At the end of 2022 the SECURE ACT 2.0 was passed in order to make implementing a retirement plan more affordable for businesses. There are now start-up plan tax credits that offset the majority of the administrative expense in the first few years of a new 401(k) or 403(b). This is a huge benefit for businesses and a great example of why it may be a good idea to create a plan specific to fit you and your business.
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