State officials are inviting employers to participate in the long-anticipated RetireReady NJ – the first publicly administered savings program in New Jersey – with a pilot launch slated for this spring.

In 2019, Gov. Phil Murphy signed legislation – the New Jersey Secure Choice Savings Program Act – to facilitate the establishment of the program, which is designed to reach workers who do not have access to a private retirement plan. The pandemic pushed back the implementation of the program. However, during his budget address earlier this year, Murphy announced that the launch was coming this spring.

The program, administered by the Secure Choice Savings Board, will provide private sector businesses with 25 or more employees the opportunity to help save for retirement via convenient payroll deductions to a Roth or Traditional Individual Retirement Account.

By participating in RetireReady NJ, employers can offer a valuable benefit to attract and retain employees at no cost. There are no fiduciary responsibilities for employers and the program offers integration into existing payroll systems.

In a statement, Murphy encouraged employers to take part in the pilot to help pave the way for a statewide rollout. “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 Murphy. “We’re proud to begin launching RetireReady NJ so that every worker – whether they are a public or private sector employee – has the ability to prepare for a dignified retirement.”

State Treasurer Elizabeth Maher Muoio noted that that saving for retirement is critically important for employees.

“But too often, many who work for small businesses don’t have a simple way to set aside these savings,” she said. “By launching RetireReady NJ, we hope to ensure that many more employees in New Jersey have the opportunity to save for the future.”

“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.

More information on the pilot and how employers can participate can be found here.