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RetireReady NJ – NJ Secure Choice Savings Program Act

By Thomas Van Blunk

In March 2019, Governor Phil Murphy signed the New Jersey Secure Choice Act (P.L. 2019 c. 56). This act created the Secure Choice Savings Program, a state-backed retirement plan created to help employees who work for private companies save for the future. The program is run by the Secure Choice Savings Board. The name of the program is RetireReady NJ. 

The program becomes active to NJ businesses and its citizens on June 30, 2024.

It is also very important to note that if you are a New Jersey employer that currently does not offer any type of retirement program, has been in business for the last two years, and has more than 25 employees, it is mandatory to sign up for this program under the New Jersey Secure Choice Act (P.L. 2019 c. 56).

Here are the deadlines for signing up for the RetireReady NJ:

  • For those employers who have 40 or more employees, the 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, the implementation deadline is November 15, 2024. Should you fail to register before August 15, 2025, you may be subject to penalties in accordance with the statute.

It is important to note that if you wish to open your own qualified retirement program, you will be required to notify the Secure Choice Savings Board. Some examples that will meet the obligation include:

  • 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.

At Lear & Pannepacker, we understand the complexities and challenges that come with financial & retirement planning. That’s why our skilled professionals are committed to delivering top-notch services and exceeding your expectations. Take the first step towards financial success by contacting us today to learn more about how we can assist you.