New Jersey Secure Choice Savings Program
State of New Jersey IRA program
Year enacted |
2019 |
Status |
Program opened on June 30, 2024 and implementation is in two phases. Required registration deadlines:
|
Employers affected |
Mandatory for employers with 25 or more employees that don’t provide their own plan, with a two-year deferral for new businesses |
Type of account |
Roth IRA (authorized to make a traditional IRA available) |
Automatic enrollment |
Yes |
Auto-escalation |
No |
Default contribution rate |
3% |
Employer contributions |
Not permitted |
Investment options |
Capital preservation fund, target retirement date fund series, large cap fund, mid cap fund, small cap core fund, small cap value fund, international equity fund, and fixed income fund Default—Initial contributions are invested in the capital preservation fund for 30 days, and then existing savings and future contributions are moved and invested in the age appropriate target retirement date fund, if no other investment option is selected. |
Fees |
None for employers. Employee fees are based on an annualized asset-based fee which consists of underlying investment fees and a program administration fee as described in the RetireReady NJ Program Description - April 2024. |
Website |
Sources: Most of the information is from “State-Facilitated Retirement Savings Programs: A Snapshot of Plan Design Features,” Georgetown University Center for Retirement Initiatives, 10/31/21 and the program's current website as accessed on 07/10/2024. It is subject to change without notice. Please contact the state to learn more.
Learn more about the opportunity with state-facilitated retirement plans
John Hancock Retirement Plan Services LLC offers administrative and/or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC, a New Hampshire non-depository trust company, provides trust and custodial services to such plans, offers an Individual Retirement Accounts product, and maintains specific Collective Investment Trusts. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker-dealer for the John Hancock mutual funds, member FINRA, SIPC.
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