Vestwell’s Post

New Jerseyans who do not have access to private employer retirement plans can now take part in a state-administered retirement savings program that launched Wednesday. RetireReady NJ, established by the New Jersey Secure Choice Savings Program Act, will allow millions of New Jersey employees to save for a secure retirement. “Every worker in New Jersey deserves to retire with dignity and financial security,” Gov. Phil Murphy said. “By launching the RetireReady NJ initiative, we are one step closer to making that a reality.” New Jersey businesses with 25 or more employees that have been in business for two years or more and do not currently offer a qualified retirement plan will be required to register with the program. Individuals who work for other employers or who are self-employed also will be able to save directly with RetireReady NJ. There is no cost for employers to participate in the program. Employees will be given the opportunity to begin saving for retirement through convenient payroll deductions into a Roth or Traditional Individual Retirement Account. Read more:

In 2020, one-third of Oregon workers lacked retirement savings plans at work. To address this and expand access to retirement savings, Oregon launched OregonSaves, a state-facilitated retirement savings program that provides an easy and automatic way for Oregonians to save for their future. The auto-IRA savings program requires all businesses in the state, regardless of size, to facilitate the program or offer a workplace savings plan. In our recent OregonSaves guide, we highlight program details, including registration deadlines, eligibility, and more: https://lnkd.in/gKWS59ZF

57 million private-sector workers lack access to an employer-sponsored retirement plan. According to new research from the National Institute on Retirement Security (NIRS), state auto-IRA retirement savings programs are addressing this crisis and are rapidly gaining momentum and support from savers across the country. Vestwell is proud to be the leading provider of state auto-IRA programs, providing savings opportunities to millions of Americans who do not have access to a retirement savings plan through their workplace. We look forward to expanding our private-public partnerships that bring us closer to our goal of closing the savings gap in our country. Learn more about the NIRS’ recent findings: https://lnkd.in/ePNZGKAp

State-sponsored retirement programs fill gaps for employers who don't offer a retirement savings plan for their employees. While these allow the employer to let go of the financial responsibility, they do come with specific requirements. Read our blog https://lnkd.in/eqkQDgNT to read a thorough breakdown of ✅ States that have made recent updates to their programs ✅ Lessons from early adopters ✅ Where states are currently at with their programs #retirement #retirementplans

With state-facilitated retirement plans on the rise in the U.S., business owners are in a unique position to help employees save for retirement – and to strengthen their own foundations in the process. What do you think, as an employer why do or don't you provide retirement options?

Expanding Retirement Plan Automation: Experts at EBRI discussed how automation features for emergency savings and other vehicles can help underserved communities save for retirement. https://buff.ly/44Rbhsx

Introduced to the General Assembly in 2023, Pennsylvania’s Keystone Saves Program, attempts to assist by offering a low-cost, effective way for employees to build financial and retirement security. "The voluntary retirement savings plan would include all features of a well-designed employer retirement plan. While voluntary, it includes auto-enrollment and compensation deferral that employees can opt out of if they choose. For employers, there would be minimal costs to the withholding and remitting of contributions that are withheld from employees’ wages." What do you think about this program? Read more here: https://lnkd.in/eqrE9rE3 #KeystoneSaves #RetirementSecurity #FinancialWellness #EmployeeBenefits #RetirementPlanning #FinancialEducation #WorkplaceSavings #EmployeeRetirement #FinancialSecurity #RetirementProgram

If you are unclear on what the 2-pot system is all about and how it will affect your retirement fund benefits, then this is the article for you. #retirement #2potsystem

Thanks for these well summed and important insights into ensuring that SECURE 2.0 achieves the intended end goal: more workers able to save for retirement. Indeed, our observation is that it is especially hard for plan sponsors from small businesses to keep abreast of plan features and regulations.