What Every NJ Business Owner Needs to Know About the Secure Choice Savings Program

With the New Jersey Secure Choice Savings Program expected to officially launch in 2023, it's important for small business owners in the Garden State to be aware of all the retirement plan options available to them and their employees.

Secure Choice, which was signed by Gov. Phil Murphy in 2019, will require businesses in New Jersey that have 25 or more employees to offer a retirement plan, such as a 401(k) or 403(b), as part of their benefits package.

Businesses that fail to comply with Secure Choice within nine months of it going into effect can face a range of hefty financial penalties from the state Treasury Department, including a $500-per-employee fine.

This is why it is crucial for New Jersey business owners to find an affordable, accessible retirement plan that's right for them, and NJBIA is here to help with retirement savings plan solutions for companies of every size.

NJBIA's retirement savings plan solutions keeps you Secure Choice compliant while also offering your employees retirement security with NJBIA's high-quality 401(k) and profit-sharing plan.

Through a multiple employer plan (MEP), business owners can participate in a single qualified retirement plan that eliminates the hassle of expenses, fees, audits, and the HR time associated with administering your own plan — savings that you won't find anywhere else.

Why should you adopt a retirement plan through NJBIA's MEP?

• From $8,000 to $10,000 per year in annual audit fees completely ELIMINATED
• Cost savings as compared to operating your own employer plan
• Less administration time - more time to grow your business!
• Fiduciary support
• Plan flexibility
• Access to more investment choices
• Tax deductions
• Employee retention and recruitment
• And so much more.

Ready to get started? Visit NJBIA.org today to learn more about their retirement savings plan solutions and get a quote specifically designed for your business.