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Governor Phil Murphy • Lt. Governor Tahesha Way

 

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Program Details for Employers

All eligible New Jersey employers are required by law to facilitate RetireReady NJ if they don't offer a retirement plan for their employees once the program opens later this year.

How Do I Get Started?

You'll be notified by RetireReady NJ when it's time for your business to register. To begin, you'll need:

Your Federal Employer Identification Number (EIN)

The RetireReady NJ Access Code from your notification

Don't Have Your Access Code?

If you are unable to find the Access Code for your business, you can look it up online.

Have Questions?
We've Got Answers in our FAQs.

A list of qualified retirement plans and other questions about eligibility can be found in our FAQ section.

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Already Offer a Retirement Plan?

Employers who provide a qualified retirement plan to their employees should certify their exemption from the program using their provided Access Code.

Your responsibilities as an employer

We know that running your business is your top priority. That's why RetireReady NJ is easy to set up and requires only light account maintenance. The process takes just three quick steps. We'll take care of the rest, at no cost to you.

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Register

Our pilot will be starting this Spring and plan for the full Program to open in Summer 2024. That is when every New Jersey employer with twenty-five or more employees will need to facilitate the program if they don't already offer their own qualified retirement savings plan.

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Send Contributions

Once you have added employees, we will communicate directly with them to explain their options during the 30 days they have to opt out or customize their account. At the end of the 30-day period, you will record their choices, begin payroll deductions, and submit contribution information and funding for the employees who choose to stay in the program.

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Ongoing Maintenance

To stay in compliance, continue to send payroll contributions and maintain employee records, including updating contribution rate changes when needed, adding new employees, and marking former employees as terminated.

Onboard your company for RetireReady NJ

There are just a few steps you need to take to get started. Take a look at this video to get you acclimated:

Resources

Registration

Employer registration checklist

Employee upload template

Contributions

Submitting contributions video

How to manage contributions

Learn about payroll integrations

Maintenance

Updating contribution rate changes article

How to manage employees

Things you won't be responsible for

As an employer, you'll have a limited role in facilitating RetireReady NJ so you can stay focused on running your business. You will not be responsible for:

Enrolling employees into their RetireReady NJ Roth IRA.

Answering questions about RetireReady NJ and its investment portfolios, or helping employees choose investments.

Managing RetireReady NJ investment options and processing employee investment change requests.

Processing distributions from employee investment accounts.

Managing employee investment account changes. Your employees will be responsible for maintaining their account information and settings if enrolled.


Last Updated: Thursday, 05/16/24