Ny small business owners support secure choice savings program

According to a recent AARP survey among New York small business owners who do not currently offer a workplace retirement savings plan, most express concern as taxpayers that some New York

residents have not saved enough money for retirement. In fact, more than three-quarters express concern about themselves and their employees not having enough money to cover health care or

living expenses when they retire.  Seven in 10 New York small business owners support the pending legislation which would require employers with 10 or more employees that do not already

offer a workplace retirement savings plan to enroll their employees in the Secure Choice Savings program. The majority agree that being able to offer a portable retirement savings program

helps local small businesses attract and retain quality employees and stay competitive. More than four in five of these small business owners report that they do not offer a retirement

savings plan because it's too costly, while half say they are concerned about how complicated they are to operate. But, when asked would they support the Secure Choice Savings Program,

which would allow small businesses to access a state-facilitated, payroll-deduction IRA for their employees, over four in five say they would support it. Interviews were conducted between

July 7–26, 2021. The sample, including owner names and companies, came from Data Axle USA and was weighted using 2017 U.S. Business Statistics from the U.S. Census Bureau to reflect all

businesses in New York with 10–100 additional employees.  For more information about this survey, please contact Lona Choi-Allum at [email protected]. For media inquiries, contact External

Relations at [email protected]. ​