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The next Secure Choice Savings Program Board meeting is scheduled for September 20th at 10 am.
About the Secure Choice Savings Program
Governor Phil Murphy signed the New Jersey Secure Choice Act (P.L. 2019 c. 56) in March of 2019, authorizing the creation of the Secure Choice Savings Program – a state-sponsored retirement plan designed to help more private sector employees save for the future. The program is independently administered by the Secure Choice Savings Board.
For your reference, the statute authorizing the program can be viewed online .
Statement
Information for Employers Covered By The Secure Choice Act: Retire Ready NJ is happy to announce that we are opening the program on June 30, 2024 to the businesses and citizens of New Jersey. Please note the following dates, as they will be important in the months to come.
If you are a business who has 25 or more employees, does not offer a retirement program and has been in business for at least two years, you are required to sign up for Retire Ready NJ.
For those employers who have 40 or more employees, your implementation deadline is September 15, 2024. Should you fail to register before June 15, 2025, you may be subject to penalties in accordance with the statute.
For those employers who have 25-39 employees, your implementation deadline is set for November 15, 2024. Should you fail to register before August 15, 2025, you may be subject to penalties in accordance with the statute.
RetireReady NJ is designed to support your employees, but we understand it is not the right fit for every business. Should you wish to open your own qualified program, including but not limited to the following structures, you are welcome to do so and it exempts your business of the requirements above. You will be required to notify us of your exemption.
Some examples of Retirement programs that will satisfy the exemption are:
A defined benefit plan;
A 401(k) or 403(b) plan;
A Simplified Employee Pension (SEP) plan; and
A Savings Incentive Match Plan for Employees (SIMPLE) plan.
This is not an exhaustive list, and if you have a retirement structure you wish to use as an exemption please consult the statute, or contact the Program Administrator with questions.
Notices
The next Secure Choice Savings Program Board meeting is scheduled on September 20th at 10 am. Join Meeting.
Official Site of The State of New Jersey
