As in Oregon, California, and Illinois, workers have the ability to opt-out of the New Jersey savings plan after they are automatically enrolled. (Photo: Shutterstock)
A version of New Jersey's Secure Choice Savings Program Act amended by the Garden State's Senate passed the General Assembly on Monday by a 55 to 18 vote.
The bill, which establishes an automatic IRA retirement savings program administered by the state, now moves to Gov. Phil Murphy's desk, who is expected to sign it into law.
New Jersey is the latest to move forward with state-administered IRAs, which are designed to address the access gap to workplace retirement plans in the private sector.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
