TRENTON – The Senate Budget and Appropriations Committee advanced legislation sponsored by Senators Troy Singleton and Raj Mukherji that would expand access to the New Jersey Secure Choice Savings Program, helping more workers build retirement savings through their jobs.

The bill, S-4564, would lower the threshold for required employer participation in the Secure Choice program from businesses with 25 or more employees to businesses with 10 or more employees. By expanding participation, this legislation ensures workers at the smallest businesses have the same opportunity to save for retirement as those employed by larger firms.

RetireReady NJ is already among the top six programs nationwide, with over 24,000 savers and more than $16.5 million in assets. Lowering the employer threshold from 25 to 10 employees will enable approximately 515,000 additional citizens to start saving for retirement, while requiring only a modest adjustment from a small portion of the employer community.

“Too many hardworking New Jerseyans are moving through their careers without access to a simple, reliable way to save for retirement,” said Senator Singleton (D-Burlington). “By expanding Secure Choice to cover more employers, we are closing a major gap in our retirement system and giving workers a practical tool to build long-term financial security.”

The New Jersey Secure Choice Savings Program is a state-facilitated, automatic-enrollment payroll-deduction IRA for private-sector workers whose employers do not offer a qualified retirement plan. Employees are automatically enrolled but may opt out at any time, and accounts remain portable when workers change jobs. Contributions are held in a trust separate from the state’s general fund, ensuring protections for participants and limiting state fiscal exposure.

“This program has already proven that retirement savings can be made more accessible without placing undue burdens on employers,” said Senator Mukherji (D-Hudson). “Expanding Secure Choice means more workers can start saving early and consistently, which is critical to reducing financial insecurity later in life and strengthening household stability across our state.”

Senator Singleton sponsored the original law creating the Secure Choice program, which was established in 2019 to address New Jersey’s significant retirement savings gap, particularly among workers at small and mid-sized businesses. By expanding coverage, the legislation builds on that foundation, helping more residents prepare for retirement while reducing future reliance on public assistance.

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