Small Business Marketplace Coming to New Jersey

Small businesses in the Garden State will soon be able to use a virtual marketplace to choose a private retirement plan. New Jersey Gov. Chris Christie (R) has signed into law a measure establishing that marketplace.

The New Jersey Small Business Retirement Marketplace Act is intended to create a retirement savings program that connects eligible employers and their employees with approved plans to increase retirement savings.

It establishes the New Jersey Small Business Retirement Marketplace. The marketplace is to offer at least two types of plans for eligible employer participation, including:

• a SIMPLE IRA;

• a payroll deduction IRA-type plan or workplace-based IRA open to all workers in which the employer does not contribute to the employees’ account; and

• a myRA.

• a target date or other similar fund, with asset allocations and maturities designed to coincide with the expected date of retirement; and

• a balanced fund.

The state Assembly had voted to cooperate with Christie after he vetoed a bill that would have created a state-run retirement plan for private-sector workers.

Comments

Please log in or create a free account to comment on this article.