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Panel advances bill to expand Retire Ready NJ registration to nearly all employers
Summary
The committee released A5358 to lower the employer threshold for New Jersey’s Secure Choice (Retire Ready New Jersey) from 25 employees to 1, requiring more employers without workplace plans to register and facilitate payroll deductions; AARP testified in strong support and business groups expressed concerns about burden on small employers.
The committee released A5358, which would lower the registration threshold for New Jersey’s Secure Choice savings program (now marketed as Retire Ready New Jersey) from employers with 25 or more employees to employers with one or more employees who do not offer a retirement plan.
Evelyn Liebman, director of advocacy for AARP New Jersey, testified in strong support and cited program enrollment and early results: she said more than 1,100 employers had registered, that the program was managing “over $4.5 million for 15,000 new retirement savers” since rollout, and that the change would expand access for workers at small firms that often lack employer-sponsored retirement plans.
Representatives of small-business and industry groups—Elyssa Frank of NJBIA and Hillary Chebrough of the South Jersey Chamber of Commerce—testified in opposition, saying the change would impose administrative burdens on small employers who typically lack HR staff and use payroll vendors. They noted the program allows workers to self-enroll without employer involvement and urged caution before lowering the threshold.
Committee members discussed the policy and moved the bill; a roll-call vote indicated members present released A5358 for further consideration.
