New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S4564

Introduced
6/2/25  

Caption

Adjusts qualification threshold for New Jersey Secure Choice Savings Program.

Impact

The implications of S4564 are far-reaching, particularly in how it affects state laws related to retirement savings programs. By lowering the threshold for employer participation, the bill anticipates a higher enrollment in the stated savings program, which could lead to increased financial stability for workers in the state. This initiative aligns with broader efforts to enhance retirement savings access for low-income workers and employees at smaller companies, making it easier for individuals to secure their financial future.

Summary

Bill S4564 proposes significant adjustments to the qualification requirements for the New Jersey Secure Choice Savings Program. Specifically, it decreases the participation threshold for businesses from those with 25 or more employees to any business that has at least one employee. This change aims to expand access to retirement savings options for a larger segment of the workforce, particularly for smaller businesses that previously may not have been required to participate in the program. The objective is to encourage more employees to save for retirement, addressing concerns regarding financial security among New Jersey workers.

Contention

Notable points of contention regarding S4564 may revolve around the potential burden it could impose on small businesses that may not be prepared to manage retirement savings for their employees. Critics might argue that the requirements could lead to increased administrative responsibilities for smaller employers, who may already face challenges in providing competitive benefits. There may also be discussions on whether the program provides adequate investment options and support to effectively serve the newly eligible employees. Advocates of the bill emphasize the need for more comprehensive access to retirement plans, which they argue outweighs any additional burden on businesses.

Companion Bills

NJ A5358

Same As Revises New Jersey Secure Choice Savings Program.

Previously Filed As

NJ A5358

Revises New Jersey Secure Choice Savings Program.

NJ HB345

Mississippi Secure Choice Savings Program; create.

NJ HB599

Mississippi Secure Choice Savings Program; establish.

NJ HB152

Mississippi Secure Choice Savings Program; establish.

NJ HB204

Mississippi Secure Choice Savings Program; establish.

NJ S856

Indexes various thresholds and qualifications under New Jersey gross income tax for inflation.

NJ S2263

Indexes various thresholds and qualifications under New Jersey gross income tax for inflation.

NJ S2027

Indexes for inflation various thresholds and qualifications under New Jersey gross income tax.

NJ A3510

Indexes for inflation various thresholds and qualifications under New Jersey gross income tax.

NJ A2989

Indexes for inflation various thresholds and qualifications under New Jersey gross income tax.

Similar Bills

NJ A5358

Revises New Jersey Secure Choice Savings Program.

MI HB5461

Retirement: other; retirement program for certain nonpublic employees to participate in a benefit plan; create, and provide oversight. Creates new act.

AL SB173

Retirement, State Facilitated Retirement Savings Program created

IL SB1441

SECURE CHOICE PROGRAM-IRAS

IL HB3155

SECURE CHOICE-ADMINISTRATION

IL HB1435

SECURE CHOICE PROGRAM-IRAS

HI SB273

Relating To Deferred Retirement For Police.

HI HB406

Relating To Deferred Retirement For Police.