‘Tis the season for New Year’s Resolutions. One resolution that the state of New York has made, is to encourage SMB employees to save more money for their retirement.

In October 2021, the Governor of New York joined a number of other states around the country and signed legislation that requires private sector employers who do not provide a retirement plan to automatically enroll employees in the New York State’s Secure Choice Savings Plan.

By 12/31/2021, if a company has been in existence for longer than 2 years, and has more than 10 employees in the state of New York, yet does not offer an employer-sponsored retirement plan, they have to start offering the state’s mandated retirement program to their employees.

Unlike the resolution to join the gym in 2022, this is not one that SMB owners can ignore. However, they do have options and the time to explore them is now!

This last episode of Always FreyDay for 2021 will be a panel discussion about this very timely, and important topic.

We are joined by a New York business owner (soon to be affected by the mandate), an executive from a premier business bank (based in New York), and a representative from a technology-enabled retirement platform (helping businesses and their advisors with new retirement plans).

The trio and the SMB Guy review the mandate and some available options, as this deadline is coming quickly. SMBs have a choice on how retirement benefits can be designed for their specific set of circumstances. The opportunity exists to roll out a customized retirement plan before it’s time to enroll the company in the state-mandated program.

Tune in, before you have to sign up!

Tune in for this pragmatic conversation at TalkRadio.nyc or watch the Facebook Livestream by Clicking Here.