Understanding New Jersey's State Mandates for Retirement Plans: Options and Compliance
Help clients in New Jersey understand the state's mandated retirement program and explore alternative solutions that satisfy the legal requirements.
Key Points
- State Mandate Compliance: Educate clients about New Jersey's retirement program requirements, emphasizing that employers with 25 or more employees must offer a retirement plan to comply with state legislation.
- RetireReady NJ Overview: Highlight the features of the RetireReady NJ program, including automatic enrollment, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Plan Options: Explain alternative solutions such as 401(k) plans and PEPs, detailing their flexibility, higher contribution limits, and potential tax benefits for both employers and employees.