State Treasurer Elizabeth Maher Muoio on Wednesday announced that the RetireReady NJ, New Jersey’s State-administered retirement savings program, has reached $1 million in retirement savings since the launch of the program five months ago.
New Jersey businesses with 25 or more employees that have been in business for two or more years and do not currently offer a qualified retirement plan are required to register with the RetireReady NJ program.
Employees have the opportunity to begin saving for retirement through convenient payroll deductions into a Roth or Traditional Individual Retirement Account (IRA).
“This milestone represents a crucial step forward towards financial security in retirement for many New Jerseyans,” Muoio said. “I’d like to thank the staff of RetireReady NJ for their diligent efforts to ensure saving for retirement is convenient and accessible for private sector employees across the Garden State, along with the many public and private sector partners who have helped spread the word about this new and important program.”
RetireReady launched its pilot program in spring 2024 with four participating employers. Since the full launch of the program in July, RetireReady NJ is now supporting thousands of New Jerseyans in saving for retirement.
“RetireReady NJ has eliminated many of the obstacles that prevent underserved communities from appreciating the benefits of retirement savings programs,” Todd Hassler, executive director of RetireReady NJ, said. “We are looking forward to the continued success of the RetireReady NJ program, and more importantly the retirement readiness of our citizens here in New Jersey.”
