The Treasury Department announced Dec. 4 reaching the $1 million threshold for the new, state-administered retirement savings program in just five months.

RetireReady NJ launched in the spring as a pilot program with four participating employers.

Garden State businesses with 25 or more employees that have been in business for two or more years and do not currently offer a qualified retirement plan must register with the program. Through payroll deductions, RetireReady NJ provides an opportunity to save into a Roth or Traditional Individual Retirement Account.

Since its full launch in July, the program now supports thousands of New Jerseyans in saving for retirement.

“This milestone represents a crucial step forward towards financial security in retirement for many New Jerseyans,” said State Treasurer Elizabeth Maher Muoio in a press release.

RetireReady NJ Executive Director Todd Hassler said the program has eliminated many of the obstacles that prevent underserved communities from appreciating the benefits of retirement savings programs.

“We are looking forward to the continued success of the RetireReady NJ program, and more importantly the retirement readiness of our citizens here in New Jersey,” he said.

“I’d like to thank the staff of RetireReady NJ for their diligent efforts to ensure saving for retirement is convenient and accessible for private sector employees across the Garden State, along with the many public and private sector partners who have helped spread the word about this new and important program,” said Muoio.

More information on the program is available here.

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