With Governor Murphy’s signature, 1.7 million private sector workers can look forward to a more secure financial future
(NEW BRUNSWICK, NEW JERSEY – Below, please find a statement from AARP New Jersey Director of Advocacy Evelyn Liebman regarding Governor Phil Murphy today signing the bi-partisan NJ Secure Choice Savings Program Act (S2891/A4134),
“Today, our State took a monumental step and delivered on a promise to help workers in the Garden State enjoy a more secure financial future. By signing the NJ Secure Choice Savings Program into law, Governor Murphy is ensuring that1.7 million private sector workers who don’t currently have access to a retirement savings option at work now have the ability to save for retirement out of their regular pay check.
“Secure Choice is a public private partnership that creates a commonsense, easy-to-use and affordable retirement savings program for workers currently without a way to save at their jobs. The program is voluntary for employees, portable and will come with no on-going costs or risks for taxpayers or employers.
“New Jersey is facing a retirement savings crisis. The average near-retirement worker has only $14,500 saved for retirement. This crisis disproportionately impacts woman and minority workers who are less likely to have access to retirement savings programs at work. We know that fewer than 5% of workers will set up an IRA or other retirement savings plan when left to their own devices, but 71% will participate in a plan when it’s offered at work. Bottom line – Secure Choice will go a long way toward fixing New Jersey’s retirement security crisis.
“With his pen, Governor Murphy is putting our state on a solid path toward addressing this retirement savings crisis and ensuring a more secure financial future for all.
AARP thanks Governor Murphy for his action today, one consistent with his vision and commitment to a fairer and stronger economy for everyone and Secure Choice prime sponsors Senators Joseph Lagana, Troy Singleton and Shirley Turner, and Assemblymen Roy Freiman and Raj Mukherji and Assemblywoman Carol Murphy along with the many co-sponsors for their leadership on this critical piece of legislation that will help so many people today and for generations to come. Additionally, we thank the many business associations, labor unions, consumer advocates, faith based and anti-poverty organizations and civil rights groups who came together to achieve this important victory.