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Retirement Plans Would be Required Under New NJ Bill
New Jersey employers with at least 25 workers would be required to offer retirement savings plans under a bill introduced in the Assembly last week. The bill, introduced by Speaker Vincent Prieto, D-Secaucus, and Assemblymen Tim Eustace and Joseph Lagana, both Bergen County Democrats, would require companies that have at least 25 employees and lack a retirement plan to set up automatic deductions that workers could use to invest in an individual retirement account.
The bill, modeled on an Illinois plan set to take effect in 2017, would create the New Jersey Secure Choice Savings Program, allowing private employers to deduct 3 percent from workers’ paychecks. Workers would be able to opt out of the program, or to contribute a greater amount. Read More…
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