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New law mandates payroll deductions for automatic-enrollment IRAs in NYC

The City Council of New York enacted a new local law that creates a mandatory auto-enrollment payroll deduction individual retirement account (IRA) program for employees of private-sector employers in New York City. The employers who do not offer a retirement plan and employ five or more employees will be affected. The default contribution rate of five percent, but the employees may adjust this rate up or down or opt-out of at any time, the contributions are capped at the annual federal IRA maximum. However, the law does not provide for any employer contribution and does not provide for contributions by New York City. For more details on this new law, click here…

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