Retirement savings law bold, but needed | Jersey Journal editorial

money

“The ‘Golden Years’ aren’t so golden.’’

That sentiment sums it up for far too many retirees these days as many people are outliving their savings with only Social Security checks providing income.

bill signed into law by Gov. Murphy this week aims to help.

The New Jersey Secure Choice Savings Act intends to promote retirement savings by automatically enrolling some private-sector workers in an IRA that will be managed by a board of state officials and members appointed by the governor with the Senate’s consent.

Employers with more than 25 workers who don’t already offer a retirement savings plan will be required to establish an automatic payroll deduction for their employees, who will be enrolled at 3 percent unless they opt out or choose a different contribution level. Smaller employers can offer the payroll deduction but are not required to under the law.

Read the full article on NJ.com