New York Gov. Kathy Hochul on Oct. 21 signed into law legislation that requires private-sector employers to enroll workers in the state's automatic IRA called Secure Choice.
The legislation was approved by the General Assembly in May and by the state Senate in June. Former Gov. Andrew Cuomo never acted on the bill.
For private-sector employees whose employers do not provide a retirement plan, the Secure Choice Savings Plan offers a low-cost retirement plan that is portable. Employees can opt out at any time.