NJ law alert: Your employer needs to offer a retirement plan - New Jersey 101.5 FM
Does it seem impossible to save for retirement? You may soon have a new option.
Signed by Gov. Phil Murphy in 2019, a law set to take effect in March forces employers to get the ball rolling on offering a retirement savings plan for their employees.
Typically a perk offered by large companies, a retirement plan will be required of employers that have been in operation for at least two years and have 25 or more workers, under the law. The law's initial implementation was pushed back a year, to Mar. 28, 2022, due to the coronavirus pandemic.
So, those qualifying businesses who don't yet offer a program such as 401(k) have to choose whether they want to go with the state-sponsored program created by the law, or another plan, and offer their workers a perk that must include automatic payroll deduction.
Through the state-sponsored plan, employees' funds would be diverted to an individual retirement account (IRA). The standard deduction for employees who participate would be 3%, but workers can change the amount.
"We've seen that people are much more likely to save for retirement if they can do so in a workplace plan," said Eric Phillps, a senior director at Human Interest, a retirement benefit provider for small and medium-sized businesses.
Noting that most of the U.S. workforce is employed at a small workforce, Phillips cited a "growing crisis" related to retirement savings — one that New Jersey's law aims to address.
New Jersey is one of more than a dozen states with a law that makes some type of retirement plan mandatory. Dozens more have programs under consideration.
"There's a countrywide notice of this situation and everybody's trying to do something about it, which I think is really great," Phillips said.
Dino Flammia is a reporter for New Jersey 101.5. You can reach him at [email protected]
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How to get from Monmouth/Ocean to the Holland Tunnel without paying tolls
Sometimes even your GPS doesn't know the back way to certain places.
You're going to want to utilize Route 9 north, so if you live anywhere below Sayreville, try to navigate your way there.
Route 9 is known for being a bit of a headache during commuting hours, so the closer to Old Bridge to hop on, the better. Once you are near the Route 18 interchange, Route 9 becomes a 3 lane road, which is much easier to navigate. Routes 34 and Route 35 may also come in handy here.
Take Route 9 north until you reach the entrance to the northbound Garden State Parkway. Obviously the Parkway is a toll road, but fear not!
Once you get on the Parkway, you'll be just a few miles from the Driscoll Bridge. It's shocking there isn't a fatal accident on this bridge every single day.
As you cross the Driscoll, you'll start seeing signs for the New Jersey Turnpike. Go ahead and give the middle finger to the entrance and continue northbound on the Parkway.
The price to drive the Turnpike from Exit 11: The Garden State Parkway to the Holland Tunnel is $7.40. For commuters, it's the same going back. Imagine paying $14.80 per day to drive 20 miles each way? No thanks.
Continue along the Parkway until you reach Exit 140, US 22 / Route 82 East (Hillside). You've now successfully dodged all Parkway tolls, exiting about 4 miles before the Union toll plaza.
Follow signs for US 22 East. Stay in the middle lane as it gets a bit confusing for the uninitiated. There are also a ton of fast food options and gas stations on this route, by the way.
As you cruise along, you'll notice the back of Newark Airport to your right. Congratulations! You also just figured out how to get to the Newark Airport without paying a toll. It’s warranted: Give the airport the middle finger too. You're beating the system ... and Newark Airport stinks.
Back to focusing on the road. Before you know it, you're on the Pulaski Skyway, one of the ugliest and most neglected roadways in North America.
Soon enough you'll be in Jersey City. You will want to remain in the left lane, as 1-9 veers off to the right, and the road you're on becomes Route 139 East. The sign will say Hoboken / Holland Tunnel.
The lane situation is absolute chaos. You've got two three-lane roads separated by a divider eventually merging into one six-lane road where people are doing the Jersey Slide like it’s 1978. Straight ahead is the Holland Tunnel.
*The Jersey Slide is a driving maneuver, common in NJ, where you travel from the farthest lane all the way to the other side in one quick motion to make a turn. Other variations include getting on the highway and immediately crossing the lanes of traffic necessary to get in the left lane as soon as possible.
If you are planning on going out in Hoboken, cut a left. For Jersey City, go right. And if you're headed into the Big Apple by way of your vehicle, all the best to you. You will have to have to pay a $16 toll for that crossing.
source: https://nj1015.com/nj-law-alert-your-employer-needs-to-offer-a-retirement-plan/
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