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ARTICLE · 07 MARCH 2023

Update On The New Jersey Secure Choice Savings Program

Wilentz, Goldman & Spitzer
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When the law was signed on March 28, 2019, the deadline for compliance was set for two years after the enactment date, March 28, 2021.

United StatesEmployment and HR
Stephanie D. Gironda
Stephanie D. Gironda

Still No Deadline for Employers to Comply

When the law was signed on March 28, 2019, the deadline for compliance was set for two years after the enactment date, March 28, 2021. When the deadline was originally set, employers had until this date to enroll employees in the Program absent another qualified retirement plan.

March 28, 2021 came and went. The Board charged with implementing the Program had not been formed, and no new deadline was set.

Progress On the Program

A Board has been formed and Board members have been appointed. It held its first organizational meeting on December 15, 2021. Currently, it is still involved in operational issues. Among other actions, the Board has so far approved an Executive Director, appointed Officers, and amended its by-laws. It does not appear that the Board will near completion of its work to get the Program running anytime soon.

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