S2831/A4275 would establish a state-run retirement plan and was reported out of the Assembly Appropriations Committee with amendments on Monday, November 9. The bill was amended in the Senate Labor Committee in March
to specify, in part, that employers with 25 or less employees may,
but are not required to, provide payroll deduction retirement savings
arrangements for participating employees.
The bill, modeled on an Illinois plan set to take effect in 2017, would
create the New Jersey Secure Choice Savings Program, requiring private
employers to deduct 3 percent from workers’ paychecks and divert retirement contributions to the state fund. Workers would be
able to opt out of the program, or to contribute a greater amount.
NFIB opposes this legislation because of the administrative burdens and costs this would force on small businesses.
Press: NorthJersey.com – “Retirement Plans would be Required Under New NJ Bill”
