RetireReady NJ Marks One Year of Operation With Over $8 Million in Contributions
(TRENTON) – RetireReady NJ, the State-administered retirement savings program for private-sector employees, celebrated its one year anniversary this month by surpassing $8 million in assets under management.
Established by the New Jersey Secure Choice Savings Program Act, RetireReady NJ officially launched on June 30, 2024. The program was designed to provide retirement savings access to workers whose employers do not offer a qualified 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.” said State Treasurer Elizabeth Maher Muoio. “The staff deserves credit for positioning New Jersey as a model for how states can offer accessible retirement savings programs.”
Under the program, businesses with 25 or more employees that have been in operation for at least two years and do not offer a qualified retirement plan are required to register. Employees are automatically enrolled and contribute to a Roth or Traditional Individual Retirement Account (IRA) through payroll deductions. Individuals who are self-employed or work for smaller businesses may also enroll directly.
“I am honored to be a part of the State of New Jersey’s mission to advance the retirement readiness of its citizens.” said Todd Hassler, Executive Director of the New Jersey Secure Choice Savings Program. “ In one short year, we have worked with facilitating employers to open channels for more than 18,000 employees to save over $8 million. These accomplishments demonstrate New Jersey’s commitment to improving the retirement outcomes of our citizens. The RetireReady NJ team is very proud of the difference we are making in the financial security of the citizens here in New Jersey.”
The program currently includes more than 1,200 employers and continues to enroll additional eligible businesses across the state.
For more information about RetireReady NJ, visit RetireReady
Official Site of The State of New Jersey
