The New Jersey Secure Choice Savings Program Act, signed into law in 2019, has been launched as "RetireReady NJ." This state-administered retirement savings program aims to provide workers without access to private employer retirement plans with a means to save for their future.
Under the new regulations, New Jersey businesses with 25 or more employees that have been operational for at least two years and do not currently offer a qualified retirement plan are required to register with the program. Employees will have the option to save for retirement through payroll deductions into either a Roth or Traditional Individual Retirement Account (IRA). Additionally, individuals working for other employers or those who are self-employed can also save directly with RetireReady NJ. Participation in the program incurs no cost for employers. The integration of payroll deductions into existing payroll systems is designed to be straightforward and convenient.
Earlier this month, detailed mailers about the program were sent to covered employers. Furthermore, RetireReady NJ will conduct informational webinars for employers interested in learning more about the program and its benefits. Employers can register for these webinars at RetireReady.nj.gov.
