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NJ launches statewide retirement savings program: RetireReady

NJ launches statewide retirement savings program: RetireReady
NJ launches statewide retirement savings program: RetireReady

New Jersey residents who don’t have access to private retirement plans can now participate in a state-administered retirement savings program that launched Wednesday. RetireReady NJ, created through the New Jersey Secure Choice Savings Program Act, will give millions of New Jersey workers the opportunity to save for a secure retirement.

“Every New Jersey worker has the right to retire with dignity and financial security,” said Governor Phil Murphy. “With the launch of RetireReady NJ, we are one step closer to achieving that goal.”

New Jersey businesses with 25 or more employees that have been in business for at least two years and do not currently offer a qualified retirement plan must enroll in the program. Individuals who work for other employers or are self-employed can also save directly with RetireReady NJ.

Participation in the program is free for employers. Employees are given the opportunity to conveniently start saving for retirement through payroll deductions into a Roth or traditional individual retirement account.

“Every worker deserves convenient and hassle-free access to retirement savings options. RetireReady NJ will give many more New Jerseyans the opportunity to secure their financial future,” said Treasurer Elizabeth Maher Muoio. “I want to thank the hardworking staff at RetireReady NJ for getting this initiative off the ground quickly and efficiently, cementing our role as a national leader among states offering retirement savings programs.”

“The launch of RetireReady NJ is an exciting step forward toward economic stability for New Jersey workers who lack access to a private retirement plan,” said Todd Hassler, executive director of the Secure Choice Savings Program. “RetireReady NJ helps address the inequities embedded in our retirement systems by providing our citizens with an affordable, reliable and easy way to prepare for a dignified retirement.”

Vestwell, a leading employer and individual savings platform, is the administrator of the RetireReady NJ program.

According to AARP, 20% of adults over 50 have no retirement savings, and more than half (61%) worry they won’t have enough money to support themselves in retirement. RetireReady NJ was developed to help workers without access to a retirement plan fill that gap.

This spring, five New Jersey employers participated in the RetireReady NJ pilot program, which gave over 250 employees the opportunity to save for retirement. Following the success of the pilot program, the program is now being expanded to all eligible employers.

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