December 5, 2025 Dear Valued Client:

We are writing to inform you of an important development affecting many New York employers: the New York State Secure Choice Savings Program. Recent updates to state law will require certain employers to facilitate employee access to this retirement savings program if they do not already offer a qualified retirement plan.

What Is the NY Secure Choice Savings Program?

Secure Choice is a state-sponsored, payroll-deduction Roth IRA program designed to expand access to retirement savings. It is overseen by the New York State Secure Choice Savings Board and administered by a designated program manager.

Who Is Required to Comply?

Employers must participate if they meet all of the following conditions:

• Employ at least 10 employees in New York State;

• Have been in business for at least two years; and

• Do not offer a qualified retirement plan (such as a 401(k), 403(b), SEP, or SIMPLE plan).

  If an employer already offers such a plan, the Secure Choice mandate does not apply.

  What Employers Must Do

  Covered employers will be required to:

• Automatically enroll eligible employees in the Secure Choice Roth IRA unless the employee opts out;

• Facilitate payroll deductions and timely remittance of contributions;

• Provide state-issued informational materials to employees; and

• Maintain required records and comply with program deadlines.

  Employee Participation

  Employees may choose to participate or opt out. Contributions are made via payroll deduction to an individual Roth IRA, and employees may change their contribution rate or opt out at any time.

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  December 5, 2025

  Deadlines & Implementation

  The state has been phasing in program rules and is expected to issue further instructions regarding enrollment procedures, deadlines, and employer onboarding. We will continue to monitor guidance and share updates as information becomes available.

  How We Can Help

  We recommend evaluating your current retirement plan offerings and determining whether these new requirements apply to your business. Our team is available to assist with:

• Assessing your employer obligations;

• Advising on compliance or retirement plan alternatives; and

• Coordinating with payroll providers for implementation.

Please feel free to contact one of our offices if you have any questions.

Thank you for the opportunity to continue serving your tax and advisory needs. Sincerely,

D’ARCANGELO & CO., LLP