New Jersey to Introduce Retirement Savings Mandate for Small Businesses in 2022
In March of 2022, a new NJ state law will take effect, requiring small businesses, including non-profits, with 25 or more employees to offer qualified retirement savings plans to their employees. Those that do not comply will face financial penalties. This law requires any New Jersey employer who has been in business for more than 2 years and had 25 or more employees during the prior calendar year to offer a retirement plan.
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