What is the NJ Secure Choice Savings Program?
In March of 2019, Governor Murphy signed the SECURE (“Setting Every Community Up for Retirement Enhancement”) Choice Act (Public Law 2019 Chapter 56), creating the Secure Choice Program. This program is an independent program administered by the Secure Choice Board. As of this date, the Board has not yet been organized, and so the Program has not yet started. Once the Board is fully appointed and organized, they will determine when and how to begin the program, including determining the process and timeline for enrollments.
The NJ Secure Choice Program is a voluntary retirement savings program sponsored by the State of NJ, facilitated by employers, and funded by employee savings. For this program, an employer is defined as a person or entity engaged in a business, industry, profession, trade, or other enterprises in New Jersey, whether for-profit or not-for-profit.