All employers with 25 or more employees in New Jersey and have been in business for at least two years are required to sign up for RetireReady NJ — the state’s retirement savings auto-enrollment IRA program. Covered employers who already sponsor qualified retirement programs are exempt but must notify the state of their exemption through the state portal (RetireReady NJ). A qualified retirement program may include a 401(k) or 403(b) plan, a defined benefit plan, or a Simple Employee Pension (SEP), among others. Covered employers who do not offer a qualified retirement program are required to register for and participate in RetireReady NJ. While eligible employers must register, individual employees may opt out of the program. Neither the state nor employers contribute to the program.
As background, RetireReady NJ was created by the New Jersey Secure Choice Savings Program, which was enacted in 2019 to provide a state-sponsored payroll deduction IRA for New Jersey employees not offered a qualified retirement plan benefit through their employer. The program was launched on June 30, 2024.
For more information, see: RetireReady NJ
PPI Benefit Solutions does not provide legal or tax advice. Compliance, regulatory and related content is for general informational purposes and is not guaranteed to be accurate or complete. You should consult an attorney or tax professional regarding the application or potential implications of laws, regulations or policies to your specific circumstances.
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