{"id":4023,"date":"2019-04-29T08:24:13","date_gmt":"2019-04-29T12:24:13","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=4023"},"modified":"2019-04-29T08:24:13","modified_gmt":"2019-04-29T12:24:13","slug":"new-jersey-creates-required-state-run-auto-ira-plan","status":"publish","type":"post","link":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=4023","title":{"rendered":"New Jersey creates Required State Run Auto-IRA Plan"},"content":{"rendered":"<p>As Congress and the Department of Labor (DOL) still keep the status of open multiple employer plans in legal limbo, individual states are still going ahead with state-run programs.<\/p>\n<p>New Jersey has become the sixth state to pass legislation requiring that certain employers offer to employees a state-sponsored individual retirement account (\u201cIRA\u201d) program with automatic enrollment and pre-tax payroll deduction contributions.<\/p>\n<p>Employers will be subject to the NJ Auto-IRA Law and required to automatically enroll their employees in the program if they:<\/p>\n<ul>\n<li>Employed no fewer than 25 employees at all times in New Jersey in the prior year;<\/li>\n<li>Have been in business for at least two years; and<\/li>\n<li>Have not offered a qualified retirement plan (e.g., a 401(k) plan or 403(b) plan or a plan sponsored by an employee leasing company or professional employer organization that the employer has used in the preceding two years).<\/li>\n<\/ul>\n<p>State-run programs have been around for a few years and my belief that unless they have a mandatory requirement like this one from New Jersey, they won\u2019t catch fire in terms of gathering employers and assets because I believe that employers and employees are wary of government getting involved with retirement savings (like Social Security).<\/p>\n<p>By forcing employers to join this IRA program, it may incentivize New Jersey employers to sponsor their own plans or join a multiple employer plan to avoid having to join this IRA program.<\/p>\n<div class=\"sharedaddy sd-sharing-enabled\"><\/div>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>As Congress and the Department of Labor (DOL) still keep the status of open multiple employer plans in legal limbo, individual states are still going ahead with state-run programs. New Jersey has become the sixth state to pass legislation requiring &hellip; <a href=\"http:\/\/therosenbaumlawfirm.com\/blog\/?p=4023\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4023"}],"collection":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4023"}],"version-history":[{"count":1,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4023\/revisions"}],"predecessor-version":[{"id":4024,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/4023\/revisions\/4024"}],"wp:attachment":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4023"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}