Vestwell strengthens leadership in the savings industry, powering 85% of all state-facilitated retirement savings programs nationwide
NEW YORK, NY, October 7, 2025 – The New York State Secure Choice Savings Program is now live, with Vestwell as the program administrator. Vestwell is the leading platform for government retirement programs and the backbone of the modern savings economy.
The program is available to all private-sector businesses in New York with ten or more employees that do not currently offer a retirement plan. It helps bridge the savings gap by providing access to a flexible and straightforward retirement savings option.
This milestone comes as momentum builds across the country. According to the Georgetown University Center for Retirement Initiatives, 20 states have enacted retirement programs for private-sector workers, and AARP reports that more than 1 million Americans have already enrolled in auto-IRA programs launched in recent years. With the addition of New York Secure Choice, the Empire State joins this growing movement and becomes the latest state to partner with Vestwell, which now powers 85 percent of government retirement programs, including 37 government-led savings programs across payroll-deducted IRAs, 529 Education Savings, and ABLE Disability Savings programs.
“Being selected to power New York Secure Choice hits especially close to home for our team,” said Aaron Schumm, Founder & CEO of Vestwell. “New York is where Vestwell was founded, where our headquarters are, and where so many of our employees live and work. This is how public and private sectors come together to make a real impact, by making saving simple for employers and accessible for workers who’ve historically had no on-ramp. Adding New York to our growing partnerships and completing all three tri-state programs means millions more New Yorkers can start building the secure financial future they deserve.”
New York Secure Choice is designed to make participation easy. Employers can support their employees’ financial futures at no cost to the business and with minimal administrative effort. Employees are automatically enrolled in a Roth IRA, where they can contribute directly from their paychecks, building long-term savings for retirement. The program provides businesses a straightforward way to offer retirement benefits without additional expense, while employees gain access to a voluntary, accessible, and modern savings solution.
The platform, powered by Vestwell, delivers a modern, user-friendly experience with state-of-the-art technology that simplifies payroll contributions, enhances usability, and improves engagement. As program administrator, Vestwell will provide recordkeeping, custodial, and administrative services, enabling a seamless statewide rollout.
For more information, please visit www.vestwell.com or www.NewYorkSecureChoice.com.
About Vestwell
Vestwell is the backbone of the modern American savings economy. Vestwell is a financial technology company that makes it easier for more Americans to save for life’s most important moments - from retirement to education and healthcare. Founded in 2016, Vestwell’s platform removes traditional barriers to saving, making it accessible, efficient, and approachable for everyone.
Vestwell provides a comprehensive suite of workplace savings solutions, including retirement plans, student loan repayment benefits, and specialized accounts for education, emergencies, and disability savings.
Trusted by financial advisers, employers, payroll providers, financial institutions, and government agencies, Vestwell empowers nearly 1.5 million savers across over 350,000 businesses nationwide, with over $35 billion in assets saved across all 50 states. With a commitment to closing the savings gap and fostering a secure financial future for all, Vestwell provides an elevated and accessible savings technology everyone deserves.
For more information, visit vestwell.com.
Media Contact
Nicole Wood, Vice President, Communications nicole.wood@vestwell.com