NY Mandated Retirement Plan

[metsfan026]

Is anyone familiar with the mandated retirement plan being instituted in New York?  The question is if a company has an existing Profit Sharing Plan, but doesn't allow for 401(k) contributions, are they exempt from participating in the mandated plan?

[Bill Presson]

From a NY SHRM site that I'm assuming is accurate but I don't know for sure.

 

Who Does This Apply To?

The program applies to both nonprofit and for-profit employers in New York state that meet the following requirements:

• The employer has not already offered their employees a qualified retirement plan including, but not limited to, a 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or (457(b) plan, in the last two years.
• The employer has at least 10 employees in the state over previous calendar year at all times.
• The employer has been in business for a minimum of two years.

[metsfan026]

8 hours ago, Bill Presson said:

From a NY SHRM site that I'm assuming is accurate but I don't know for sure.

Who Does This Apply To?

The program applies to both nonprofit and for-profit employers in New York state that meet the following requirements:

• The employer has not already offered their employees a qualified retirement plan including, but not limited to, a 401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or (457(b) plan, in the last two years.
• The employer has at least 10 employees in the state over previous calendar year at all times.
• The employer has been in business for a minimum of two years.

Thanks Bill.  I've seen that, but I wasn't sure if a straight Profit Sharing Plan fell under one of those or if the assumption is that it falls under the "but not limited to" group

[CuseFan]

PSP = 401(a), would also include a DBP.