In New Jersey the State had implemented a series of State sponsored Retirement plans. These plans are designed to make sure that employees working or New Jersey Companies have access to a retirement plan. Listen to Brian Gazawie discuss the different options that employees will have through the NJ Secure Choice Savings Plan. Brian will discuss what different types of retirement plans are available to employees as well as review why certain choices may be more advantageous to employees than others. This is a must see program for owners of small businesses in New Jersey as well as for employees of those small businesses in New Jersey….(read more)

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With an increasing number of Americans reaching retirement age without enough savings, many states are implementing state-sponsored retirement plans to address the issue. These plans, also known as auto-IRA programs, allow employees who don’t have access to a workplace retirement account to save for retirement through their employer.

The idea behind state-sponsored retirement plans is to provide an easy and affordable way for individuals who work for small businesses or are self-employed to save for retirement. As of 2020, 10 states have implemented these types of programs, including California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Oregon, Vermont, and Washington.

The way these plans work varies from state to state, but they generally involve a payroll deduction for employees who opt-in. The funds are then invested in a professionally managed portfolio and accumulate over time, providing a source of retirement income for the employee. Some of the plans also include incentives for employers to participate, such as tax credits or matching contributions.

One major advantage of these plans is that they are portable, meaning that if an employee changes jobs or moves to a different state, they can continue to contribute to the same retirement account. Additionally, because the plans are administered by the state, they don’t require any additional administrative costs for employers.

While state-sponsored retirement plans are a step in the right direction for increasing retirement savings, they are not without critics. Some argue that the plans may not be as effective as traditional 401(k) plans offered by employers, which often come with higher contribution limits and more investment options. Others point out that there is a risk of the state mismanaging or investing the funds improperly.

Overall, state-sponsored retirement plans provide a much-needed option for individuals who lack access to employer-sponsored retirement plans. They offer a simple and effective way for people to save for retirement, while also reducing the burden on the state and federal government to provide financial support for retirees. As more states adopt these programs, it is likely that we will see improvements in retirement savings rates and long-term financial security for individuals across the country.