RetireReady NJ Launches Statewide Retirement Savings Program, Offering New Option for Private Sector Workers

Millions of employees in New Jersey will now have the ability to save for a secure retirement through the launch of RetireReady NJ, the first State-administered retirement savings program in New Jersey.

Established by the New Jersey Secure Choice Savings Program Act, RetireReady NJ is a State-administered retirement savings program that aims to reach workers who do not have access to private employer retirement plans.  

New Jersey businesses with 25 or more employees that 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.

Employees will be given the opportunity to begin saving for retirement through convenient payroll deductions into a Roth or Traditional Individual Retirement Account (IRA).  Individuals who work for other employers or who are self-employed will also be able to save directly with RetireReady NJ.

Vestwell, a leading employer and individual savings platform, is the administrator for the RetireReady NJ program.

According to AARP, 20 percent of adults age 50 and older have no retirement savings, and more than half (61%) are worried they will not have enough money to support themselves in retirement. RetireReady NJ was designed to help bridge the gap for workers without access to a retirement plan.

This spring, five New Jersey employers participated in RetireReady NJ’s pilot program, in which more than 250 workers gained the ability to save for retirement. Following the success of the pilot, the program will now be expanded to all qualifying employers.

There is no cost for employers to participate in the program. Payroll deductions are easily integrated into an employer’s existing payroll system, making participation simple and convenient.

Mailers with detailed information about the program were sent to covered employers earlier this month. Additionally, RetireReady NJ will host informational webinars for employers to learn more about the program and its benefits. Employers can register for these webinars at RetireReady.nj.gov.

For more information about RetireReady NJ visit RetireReady.nj.gov.

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