NJ Retirement Plan for Companies with 25 or More Employees
Every New Jersey employer with 25 or more employees, who does not offer their own qualified retirement savings plan and has been in business for at least two years, is required to register with RetireReady NJ, the state-administered retirement savings program. RetireReady NJ was created to help bridge the gap in retirement savings for the citizens of New Jersey.
Added Value for Employees and Employers
With RetireReady NJ, businesses can help their employees save for retirement in a Roth or Traditional Individual Retirement Account (IRA) through convenient payroll deductions. This new program is an easy way for New Jersey workers to save for the future. Employers can also use this valuable benefit to attract, motivate, and retain their most valuable resources, their employees.
Deadlines for Employers with 40+ Employees
For those employers who have 40 or more employees, your implementation deadline is September 15, 2024. Registration was required before June 15, 2025. If you did not meet the deadline, your business may be subject to penalties in accordance with the statute.
Deadlines for Employers with 25-39 Employees
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.
Webinars and Registration Information
Employers may register for one of the RetireReady NJ info webinars or register their business at one of the below links:
For questions and more information, visit the Official New Jersey Retire Ready NJ website at https://www.nj.gov/treasury/securechoiceprogram/
DISCLAIMER: The WM Update, WM Wednesday Wisdom, WM Daily Update, and other related communications are intended to provide general information, as of the date of this communication, and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
