The NJ Secure Choice Savings Act requires establishment of retirement savings programs for employees. It was passed by the Senate and Assembly and then signed into law by Gov. Murphy. Due to the pandemic, the effective implementation date was delayed until March 28, 2022.
This law applies to:
• Employers with 25 or more employees
• Employers who have been in business for two years or more
• Employers that do not currently offer a qualified retirement savings plan
• Part-time and/or seasonal workers are included in the employee count
The Greater Vineland Chamber of Commerce advises business owners to seek out advice from their accountant or financial advisor if this affects their business.