Retirement Savings in New Jersey: What Employers Need to Know

Retirement savings have become a baseline expectation for workers, yet a significant share of New Jersey's private sector workforce has no access to a plan through their employer. That gap has real consequences for employers competing for talent.

The State of New Jersey is addressing this gap with RetireReady NJ, a public and private partnership mandating covered employers to facilitate direct deposits for their employees in to the state-administered IRAs. This program offers high quality and fiduciary oversight to help individuals prepare for a dignified retirement in New Jersey. 

The program presently mandates, employers of 25 or more employees to facilitate these payroll deductions.  However a recent amendment drops the employer coverage threshold from 25 employees to 10, eliminating the coverage gap for hundreds of thousands of New Jersey employees.

For employers looking beyond the state program, EANJ offers an alternative worth considering. The EANJ Retirement Advantage is a Pooled Employer Plan (PEP) that allows members to join with other employers to access a fiduciary-managed 401(k) with customizable investment options and low fees. Small and mid-sized employers gain access to the same quality plans typically available only to large corporations, without the administrative burden of running a plan on their own.

This session will cover the RetireReady NJ mandate, what the expansion means for your business, and how the EANJ Retirement Advantage compares as an alternative.