The state is holding two employer information sessions in May about its long-delayed “pilot launch” of the state-run retirement savings program for private employers’ workers. NJBIA is also holding an online session in May about its alternative retirement solution.
The state program was authorized by a 2019 state law that, once fully implemented, will require that businesses with 25 or more employees provide an automatic payroll deduction for either the state-run retirement plan or another qualified one established for their employees. Businesses with 25 or more employees that fail to comply could face financial penalties.
NJBIA is offering its members an alternative if they don’t want to join the state-run plan. NJBIA’s retirement solution is a Multiple Employer Plan (MEP), which allows businesses to join together to access customizable fiduciary-managed retirement plans.
James O’Donoghue, a chartered retirement plan specialist with BCG Securities, has scheduled a one-hour webinar on the NJBIA Retirement Solution at 11 a.m. on May 14. O’Donoghue will explain the difference between NJBIA’s MEP and the state plan, as well as answer questions on which one is the best fit for NJBIA members.
The state’s RetireReadyNJ plan is overseen by a seven-member Secure Choice Savings Board and administered by the investment firm Sumday, a subsidiary of Vestwell State Savings. There will be two information sessions about RetireReadyNJ at 2 p.m. on May 9 and at 11 a.m. on May 22. Both sessions about the pilot program cover the same information.
At the state’s upcoming information sessions, the executive director of the state’s plan, Todd Hassler, will give an overview of the pilot RetireReady NJ program, including employer responsibilities, employer benefits, and the major action steps for employers and their employees.
State officials said RetireReadyNJ is expected to fully launch sometime this summer.
To register for NJBIA’s May 14 webinar on the NJBIA Retirement Solution, go here.
To register for the state’s May 9 information session on the state-run plan, go here.
To register for the state’s May 22 information session on the state-run plan, go here.
