RetireReady NJ Surpasses $1 Million in Retirement Savings Just Five Months After Launch

State-Administered Program Accelerates Retirement Preparedness for Thousands of New Jersey Workers

Trenton, NJ – In a significant milestone for New Jersey's workforce, State Treasurer Elizabeth Maher Muoio announced today that RetireReady NJ, the state's newly launched retirement savings program, has collected over $1 million in retirement savings merely five months after its inception.

Launched as a pilot program in the spring of 2024 with just four participating employers, RetireReady NJ has rapidly expanded since its full rollout in July. The program now supports thousands of New Jerseyans in building a secure financial future through convenient payroll deductions into Roth or Traditional Individual Retirement Accounts (IRAs).

“This milestone represents a crucial step forward towards financial security in retirement for many New Jerseyans,” said State Treasurer Elizabeth Maher Muoio. “I’d like to thank the staff of RetireReady NJ for their diligent efforts to ensure saving for retirement is convenient and accessible for private sector employees across the Garden State, along with the many public and private sector partners who have helped spread the word about this new and important program.”

RetireReady NJ was created to address the growing concern that many private sector employees lack access to employer-sponsored retirement plans. Under the program, New Jersey businesses with 25 or more employees, that have been operational for at least two years and do not currently offer a qualified retirement plan, are required to register with RetireReady NJ. This mandate provides employees with an accessible avenue to begin saving for retirement, leveraging the ease of automatic payroll deductions.

The swift accumulation of $1 million in savings highlights the program's effectiveness and the enthusiasm of workers eager to plan for their retirement. By offering both Roth and Traditional IRA options, RetireReady NJ caters to diverse financial needs, allowing participants to choose the savings plan that best fits their circumstances.

Employers benefit as well, as the program minimizes administrative burdens. By facilitating payroll deductions, businesses can offer a valuable benefit to their employees without the complexities associated with managing a traditional pension plan or 401(k).

“RetireReady NJ has eliminated many of the obstacles that prevent underserved communities from appreciating the benefits of retirement savings programs,” said Todd Hassler, executive director of RetireReady NJ. “We are looking forward to the continued success of the RetireReady NJ program, and more importantly the retirement readiness of our citizens here in New Jersey.”

The success of RetireReady NJ signifies a promising step toward enhancing financial security for New Jersey's workforce. The program's growth reflects a broader trend of state-sponsored retirement initiatives aimed at increasing savings participation rates among employees who might otherwise have limited options.

Looking Ahead

As RetireReady NJ continues to gain momentum, it is poised to make a substantial impact on the financial well-being of countless New Jersey residents. The early success suggests strong potential for further growth, with more businesses and employees expected to join in the coming months.

For more information about RetireReady NJ and how to participate, visit RetireReady.nj.gov.

RetireReady NJ is New Jersey's state-administered retirement savings program designed to help private sector employees prepare for a financially secure retirement. By facilitating easy access to retirement accounts through payroll deductions, the program aims to close the retirement savings gap and promote long-term economic stability for workers across the state.