Jun 20 July 18 CFO Focus: New Mandatory Employer Requirements for New Jersey – Is Your Company Ready?
Governor Phil Murphy recently signed A4134 into law establishing the New Jersey Secure Choice Savings Program which will require employers with 25 or more employees who do not offer a retirement plan to participate in a state-run savings program through automatic payroll deductions for their employees. This new program will automatically enroll NJ employees who do not have access to an alternative retirement plan in a state-administered Individual Retirement Account (IRA), unless they elect to opt out. Workers will be able to save a percentage of their income pre-tax for retirement, and the new account will be portable from employer to employer should their place of employment change in the future.
These changes to the New Jersey retirement landscape will start to take effect by 2020. Leading up to the implementation, employers will have crucial decisions to make about how they plan to comply with the act.
- Are they going to be impacted by the law?
- Does their current retirement plan satisfy the requirements of the act?
- Should they participate in the state-run program or establish their own retirement plan before the act takes effect?
- What are the costs, implications and trade-offs between their various options?
Learn the answers to these questions on Thursday, July 18 as Kyle Stawicki and Jeremy Rhen from Sax Wealth Advisors discuss the following:
- Who is affected by the NJ Secure Choice Savings Program Act
- Current limits on retirement deferrals
- Market update
Thursday, July 18 | 8:00-10:30 AM
Sax LLP Headquarters
855 Valley Road, Fl. 3 | Clifton NJ
Kyle Stawicki, ChFC® is a Wealth Advisor and Partner-in-Charge of Sax Wealth Advisors. With more than a decade of experience as a wealth advisor and retirement plan fiduciary, Kyle specializes in finding the financial solutions that fit each client’s specific needs and circumstances.
Jeremy Rhen, CFP® is an Associate Wealth Advisor at Sax Wealth Advisors and is experienced working with high-net-worth families, closely held businesses and employer retirement plans. From helping clients transition their accounts to assisting wealth advisors with portfolio rebalancing, Jeremy is actively involved in every stage.