RetireReady NJ celebrated its one-year anniversary this month by surpassing $8 million in assets under management.
The state-administered retirement savings program for private-sector employees, 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.
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.
Within its first year, the program has enrolled more than 18,000 New Jerseyans and currently maintains more than $8.1 million under management.
“This milestone reflects the hard work and commitment of the RetireReady NJ Team.” State Treasurer Elizabeth Maher Muoio said. “The staff deserves credit for positioning New Jersey as a model for how states can offer accessible retirement savings programs.”
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.
The program currently includes more than 1,200 employers and continues to enroll additional eligible businesses across the state.
