New JerseyEmployers would pay when they miss required retirement enrollment
Employers that fail to enroll workers required to join New Jersey's retirement program would owe half the workers' contribution cost after certain delays exceed three months.
What it does
Employers that fail to enroll workers required to join the retirement program would pay half the workers' contribution cost if required payments are over three months late or paycheck deductions and required enrollment are over three months apart.
Argument forWorkers whose employers miss required enrollment could receive money in their retirement accounts, even after leaving those jobs.
Argument againstEmployers that miss required enrollment could face an extra retirement cost in their next budget, even after the worker leaves.
More detail
An employer would pay half the worker's contribution cost into the worker's retirement account. This covers employers that fail to enroll workers required to join New Jersey's Defined Contribution Retirement Program. More than three months must have passed since contributions were due, or more than three months must separate the start of paycheck deductions and the worker's required enrollment date. If enacted, the rule would take effect immediately. The employer must include the confirmed amount in its next budget and pay even if the worker has left.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 14Introduced, Referred to Assembly State and Local Government CommitteeIntroduced
Economy & Jobs