On December 17th, the New Jersey Assembly took an important step in ensuring a more secure financial future for Garden State workers who don’t currently have access to a retirement savings option at work. The Assembly passed the Secure Choice Savings Program Act (A4134) by a vote of 52-24.
Right now, over half of New Jersey’s private sector workforce – 1.7 million workers – do not have a way to save for retirement through their job. Yet we know that workers are 15 times more likely to save for retirement if they can do so at work.
Secure Choice creates an easy pathway for workers to save out of their regular paycheck. The professionally managed program would be available to private sector workers in the Garden State who don’t currently have access to a retirement savings plan through their job – and would come with no on-going costs to the state.
AARP applauds those Assembly members who vote YES on Secure Choice. Please take a moment to send your legislator a note of thanks for their commitment to putting hard-working New Jerseyans in control of their financial futures.
AARP New Jersey appreciates the leadership of the primary sponsors of the bill – Assemblymen Roy Freiman and Raj Mukherji and Assemblywoman Carol Murphy – and we thank those legislators who voted YES on this critical piece of legislation. We look forward to the Senate following the example set by the Assembly and sending Secure Choice to Governor Murphy for his signature.