Expands participation in the New York state secure choice savings program

2025 Regular Session Introduced by Pete Harckham

Expands who can participate in New York’s Secure Choice Savings Program, broadening enrollment and access to state-sponsored retirement savings.

REFERRED TO CONSUMER PROTECTION

Overview

Bill number: S 5728

Title: Expands participation in the New York state secure choice savings program

Primary sponsor: Pete Harckham

Purpose (as indicated by title): To expand participation in New York’s Secure Choice Savings Program

Current status: Referred to the Senate Consumer Protection Committee

Introduced: February 28, 2025

Legislative actions: Referred to Consumer Protection on 2025-02-28 (listed twice in the actions)

What the bill would do

The text provided does not include the bill’s specific provisions or language.

Based on the title, the bill’s aim is to expand participation in New York’s Secure Choice Savings Program. This generally could involve changes that broaden who can participate, how enrollment occurs, and how deposits are made or managed, or adjustments to program administration. However, the exact changes (e.g., eligibility criteria, enrollment mechanics, employer obligations, contribution rules, or funding/administrative details) are not specified in the information available.

Key provisions (not specified in available materials)

Specific changes to participation requirements

Enrollment and eligibility rules

Employer and payroll processor obligations

Employee contribution mechanics and default settings

Program administration and funding

Compliance, enforcement, and oversight provisions

Relationship to or impact on other state retirement or savings programs

Note: The bill’s text would define these provisions; such details are not provided in the current summary.

Who would be affected

Employees in New York State who participate in or would be eligible for Secure Choice Savings

Employers, including small businesses, that would participate in or be impacted by changes to the program

Program administrators and payroll processors involved in implementing Secure Choice

State agencies responsible for overseeing and funding the program

Procedural and timeline aspects

Introduced: February 28, 2025

Status: Referred to the Senate Consumer Protection Committee

The record provided lists the same action twice on the same date; no additional committee actions or floor dates are shown

Next steps typically involve committee consideration, potential amendments, and eventual floor votes in the Senate and/or Assembly

Why this matters

Expanding participation in state-sponsored retirement savings programs can improve access to retirement savings for workers who lack employer-provided plans, potentially increasing financial security for many residents.

The bill could affect employers by changing administrative or compliance requirements and costs.

Next steps for readers

Monitor committee actions in the Senate Consumer Protection Committee for amendments or a floor vote.

Review the full bill text when available to understand the specific changes to eligibility, enrollment, and administration.

Compare with related bill S 7885 and any companion Assembly measures for a fuller view of how the expansion might be implemented.

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