WeVote
Log In

Bill

SH

Bill

A 5358

Revises New Jersey Secure Choice Savings Program.*

2024-2025 Regular Session Introduced by Shama Haider and 2 co-sponsors

New Jersey modifies its employer-facilitated Secure Choice retirement savings program to expand or restructure worker access to retirement savings options for those lacking workplace plans.

Received in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
#commerce
0
WeVote Research Nonpartisan
Bill Summary · A 5358

Legislative bill overview

Bill A 5358 revises New Jersey's Secure Choice Savings Program, which is an employer-facilitated retirement savings program designed to help private-sector workers without access to traditional employer-sponsored retirement plans. The bill modifies program structure, administration, or eligibility requirements to improve the program's effectiveness or enrollment.

Why is this important

Retirement security is a significant public policy concern, as many New Jersey workers lack access to workplace retirement savings vehicles. Changes to this program could affect hundreds of thousands of workers' ability to save for retirement and reduce long-term reliance on public assistance programs.

Potential points of contention

  • Program administration costs: Modifications may shift financial burdens between employers, employees, the state, or program administrators, creating disagreement over who bears implementation costs
  • Employer participation mandates: Revisions could strengthen or weaken requirements for businesses to offer the program, sparking debate between business groups prioritizing flexibility and advocates prioritizing worker access
  • Investment options and portability: Changes to how funds are invested or transferred between jobs could affect workers' returns and program competitiveness versus private alternatives

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.