NJ Labor And Employment Law
The New Jersey Labor and Employment Law Blog is authored by Jay S. Becker and Joseph C. DeBlasio, shareholders in the Labor and Employment Law Practice Group, with support from the associates in the Group. It is dedicated to provide news and updates regarding all labor and employment matters throughout New Jersey.
Subscribe to Our FeedMany New Jersey Employers Must Soon Offer Employee Retirement Savings Plans
March 16, 2022 | 15 Comments
Posted by Alexandra Kukuyev
Co-authored by Ari Burd
The New Jersey Secure Choice Savings Program Act (the “Act”) is set to take effect on March 28, 2022 and will require many employers to offer their own retirement plan or provide access to a State sponsored program.
This Act impacts all New Jersey businesses that:
- have employed at least 25 employees in the State during the previous calendar year;
- have been in business at least two years; and
- do not already offer a qualified retirement plan.
The Act mandates employers to offer their full and part-time employees a retirement savings option in the form of either a qualified retirement plan (e.g., a 401(k) or 403(b)) or through the New Jersey Secure Choice Savings Program (the “Program”). The State-sponsored Program is an individual retirement account (IRA) where employees contribute a portion of their pretax earnings via automatic payroll deductions.
Employers must first decide whether they want to sponsor a qualified retirement plan or opt for the State-sponsored Program. Those who fail to comply will be subject to penalties ranging from a written warning to a $500 fine per employee. Employers have nine months from the implementation date to comply with the Act. While the anticipated implementation date is March 28, 2022, the Treasury Department website dedicated to the program notes that implementation is not yet operational.
We suggest intermittently checking in on the website. As always, the Labor and Employment Law Department of Giordano, Halleran & Ciesla stands ready to assist you. Please contact Ari Burd, Jeri Abrams, Jay Becker or Alexandra Kukuyev with any questions.
Comments
Notice: compact(): Undefined variable: limits in /home/ghc/public_html/njlaborandemploymentlaw.com/wp-includes/class-wp-comment-query.php on line 853
Notice: compact(): Undefined variable: groupby in /home/ghc/public_html/njlaborandemploymentlaw.com/wp-includes/class-wp-comment-query.php on line 853
15 Responses to “Many New Jersey Employers Must Soon Offer Employee Retirement Savings Plans”
Leave a Reply
March 19th, 2022 @ 3:43 am
เว็บตรง
NJ Labor And Employment Law
March 19th, 2022 @ 3:51 pm
https://pgslotauto.vip/
NJ Labor And Employment Law
April 26th, 2022 @ 5:57 pm
pg ไม่ผ่านเอเย่นต์
NJ Labor And Employment Law
May 13th, 2022 @ 2:50 am
slotsenang77
NJ Labor And Employment Law
June 5th, 2022 @ 8:29 pm
pg slot เว็บตรง
NJ Labor And Employment Law
June 6th, 2022 @ 5:43 am
engine.rest
NJ Labor And Employment Law
June 12th, 2022 @ 6:30 pm
สล็อตแตกง่าย
NJ Labor And Employment Law
August 9th, 2022 @ 12:44 pm
thoughtleaderstation.com
NJ Labor And Employment Law
September 1st, 2022 @ 10:41 am
milk emoji
NJ Labor And Employment Law
September 3rd, 2022 @ 9:18 am
slot xo
NJ Labor And Employment Law
October 16th, 2022 @ 9:33 am
slot leci123
NJ Labor And Employment Law
December 17th, 2022 @ 4:41 am
joker-388.biz
NJ Labor And Employment Law
December 21st, 2022 @ 7:43 pm
bola tangkas
NJ Labor And Employment Law
December 30th, 2022 @ 12:30 pm
idn poker
NJ Labor And Employment Law
January 4th, 2023 @ 10:48 am
slot olympus
NJ Labor And Employment Law