RetireReady NJ Helps Employees Save For Future
Program is currently seeking employers to participate in statewide pilot that is launching in spring of 2024
The New Jersey Business Action Center announces the start of a new program that is a simple way for NJ employers to help their employees save for the future. In New Jersey, many private-sector workers do not have access to a retirement savings plan through their employers. RetireReady NJ is a new state-administered retirement savings program that aims to make saving for retirement easy and attainable. With this program, businesses can help their employees save for retirement in an Individual Retirement Account (IRA) through convenient payroll deductions.
RetireReady NJ is currently seeking employers to participate in their pilot that is launching in spring of 2024. Once the full program launches in summer of 2024, New Jersey businesses with 25 or more employees, who have been in business for two years or more, and do not currently offer a qualified retirement plan will be required to register with the program. These employers will simply register at the website RetireReady.nj.gov and upload payroll and employer information. The program administrators will communicate directly with the employers’ employees to explain their options and allow them to customize their accounts. The benefits to for employers include a no cost program to facilitate, requires very little time or attention, easy integration with payroll process, helps attract and retain employees and no fiduciary responsibilities.
Once the full program launches, employers will upload payroll and employee information. RetireReadyNJ, will communicate directly to employees and explain the options, allowing them to customize their accounts. To find out more information please see below:
- New Jersey Employers: Help Your Workers Save for Retirement: https://youtu.be/7ry5qBKgtNg
- Empleadores de Nueva Jersey: Ayude a sus empleados a ahorrar para el retiro: https://youtu.be/R8BUJk3MkZw
- New Jersey’s Retirement Savings Program: https://youtu.be/pJB9zm8SGWQ
- Programa de ahorros para el retiro de Nueva Jersey: https://youtu.be/nAPwsQWdLOw
To find out more trusted resources for your business, please visit the Southern Ocean Chamber website or contact 609 494 7211.