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Secure Choice Savings Program Update

Legislative Updates General Business 220th Legislative Session
Governor Phil Murphy signed the New Jersey Secure Choice Act (P.L. 2019 c. 56) in March of 2019, authorizing the creation of the Secure Choice Savings Program. The CCSNJ opposed the creation of this program, which requires businesses with 25 or more employees that do not offer a qualified retirement plan, to implement a payroll deduction retirement plan for employees. Employers can either participate in the state-run plan or offer employees an alternative qualified retirement savings option such as a 403(b) or 401(k) retirement plan.

The program is independently administered by the Secure Choice Savings Board, which held its first organizational meeting on December 15, 2021. The Board is presently working on implementation of the program, which is not yet operational. The program does not go into effect until nine months after the Secure Choice Board notifies Treasury that the program has been implemented. The CCSNJ will keep member informed during the implementation process.

Should you have any questions, please contact Hilary Chebra, Manager of Government Affairs at hchebra@chambersnj.com. 
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