RetireReady NJ, a state-administered retirement savings program in New Jersey that aims to help private-sector employers create more retirement vehicles for their employees, is seeking employers to participate in its pilot launch that is scheduled to begin this spring.
RetireReady NJ will provide private-sector businesses, with 25 or more employees, the opportunity to help employees save for retirement via convenient payroll deductions to a Roth or traditional Individual Retirement Account. The program was created by the New Jersey Secure Choice Savings Program Act with the goal to reach workers who do not have access to a private employer retirement plan.
By participating in the program, employers can offer valuable benefits to attract and retain employees at no cost. There are no fiduciary responsibilities for the employers and the program offers an easy integration into the existing payroll system.
Employers can apply to participate in the RetireReady NJ pilot here.
Gov. Phil Murphy was delighted to be able to introduce the program.
“We have been working tirelessly with our partners in the Legislature to help millions of families feel more financially secure in nearly every facet of life, and saving for retirement is paramount to that sense of security,” he said.
“We’re proud to begin launching RetireReady NJ so that every worker — whether they are a public- or private-sector employee — has the ability to prepare for a dignified retirement. I encourage employers to take part in this pilot to help pave the way for a statewide rollout of this program for nearly every New Jerseyan.”
State Treasurer Elizabeth Maher Muoio said the impact will be huge.
“Saving for retirement is critically important for all employees, but, too often, many who work for small businesses don’t have a simple way to set aside these savings,” she said. “By launching RetireReady NJ, we hope to ensure that many more employees in New Jersey have the opportunity to save for the future.”
Todd Hassler, executive director of the Secure Choice Savings Board, agreed.
“I am very excited to be a part of the launch of RetireReady NJ,” he said. “This program will provide a valuable benefit to many New Jerseyans who previously may not have had access to a retirement savings plan.”
