Murphy signs act providing access to retirement savings options

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SADDLE BROOK -

New Jersey private sector employees who do not have access to retirement savings options will soon be able to plan for the future thanks to a new act signed by Gov. Phil Murphy.

The governor signed the “Secure Choice Savings Program Act” into law Thursday at the Saddle Brook Senior Center. Murphy says that the act is part of what he called his “Middle Class Blue Print.” He says that there are 1.7 million private sector employees living in New Jersey who do not have access to a retirement plan.

“A secure choice [individual retirement account] will give every worker the ability to save at least 3 percent of their pre-tax income or a different amount if it works for them,” Murphy says. “Importantly, as it will work through a direct payroll deduction, saving in Secure Choice will be automatic.”

Secure Choice is a public-private partnership creating easy-to-use affordable retirement savings programs for workers. The AARP says that the average near-retirement worker in New Jersey only has $14,500 saved for retirement.

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