TRENTON – RetireReady NJ, the first State-administered retirement savings program, is seeking employers to participate in its pilot launch that is scheduled to begin in spring 2024.

RetireReady NJ will provide private sector businesses, with 25 or more employees, the opportunity to help employees save for retirement via convenient payroll deductions to a Roth or Traditional Individual Retirement Account (IRA). The program was created by the New Jersey Secure Choice Savings Program Act with the goal to reach workers who do not have access to a private employer retirement plan.

“We have been working tirelessly with our partners in the Legislature to help millions of families feel more financially secure in nearly every facet of life and saving for retirement is paramount to that sense of security,” said Governor Phil Murphy. We’re proud to begin launching RetireReadyNJ so that every worker – whether they are a public or private sector employee – has the ability to prepare for a dignified retirement. I encourage employers to take part in this pilot to help pave the way for a statewide rollout of this program for nearly every New Jerseyan.”

“Saving for retirement is critically important for all employees, but too often, many who work for small businesses don’t have a simple way to set aside these savings,” said State Treasurer Elizabeth Maher Muoio. “By launching RetireReady NJ, we hope to ensure that many more employees in New Jersey have the opportunity to save for the future.”

“I am very excited to be a part of the launch of RetireReady NJ. This program will provide a valuable benefit to many New Jerseyans who previously may not have had access to a retirement savings plan,” said Todd Hassler, Executive Director of the Secure Choice Savings Board.

By participating in the program, employers can offer valuable benefits to attract and retain employees at no cost. There are no fiduciary responsibilities for the employers and the program offers an easy integration into the existing payroll system.

Employers can apply to participate in the RetireReady NJ Pilot at RetireReady.nj.gov

Originally published April 9, 2024
Press Release Courtesy of the New Jersey Department of the Treasury