Recently I attended the AARP Financial Security Forum in East Rutherford. In attendance for the event were State Senate President Steve Sweeney, State Assembly Speaker Vincent Prieto and Senator Joseph Pennacchio.
What I learned in that event was that 40% of New Jerseyans heading into retirement have no savings at all. About 1.7 million workers, which accounts for 53% of New Jersey’s workforce, are not offered any sort of retirement plans. The Secure Choice Savings Act will help families in this situation take responsibility for their own retirement futures by establishing an easy way for workers to save. There is no cost to the state and very little to no costs for employers. Many small and moderate-size businesses will be able to provide a benefit they cannot currently provide—with very little effort on their part. Workers can opt out at any time and can select the contribution level that is right for them, giving them the flexibility they need to accommodate any employment or family circumstance.
I will be calling my state legislator and the governor’s office to ensure that Secure Choice becomes law in New Jersey and helps New Jersey’s financial future. I encourage you to do the same.