Mandatory retirement savings programs are coming to New Jersey
As a financial advisor for small business owners with 25 or more employees, you will soon need to provide advice on enrolling in RetireReady or selecting a qualifying retirement plan.Business owners who don’t comply may face fines of $100 – $500 per employee.
Working with ePlan Services can increase your book of business!
The ePlan Services sales team will handle the plan design, setup, and management so your clients won’t have to. You’ll also have access to an excellent sales team to assist with your needs, streamlined plan management tools for your many clients, and simple payroll integration with multiple systems.
Quick and easy plan setup
Plan setup can be easily completed online so you can focus on helping more clients.
Higher contribution rates
401(k) retirement accounts have higher contribution limits than IRAs—putting more in your clients’ pockets down the road.
Potential tax breaks
SECURE Act offers tax credits to employers who start plans, add an auto-enrollment feature, or make contributions.
They could pocket up to $16,500 plus an additional $1,000 for employer contributions thanks to SECURE Act 2.0! ePlan Services provides plan education and admin services, making plan setup smooth and easy, so you can focus on selling to more clients.
ePlan Services 401(k) vs. RetireReady NJ
Up to $5,000 + $1,000 employer contribution credit (per employee)
IRAs do not qualify
Yes
Matching is not permitted
Yes
The state manages the plan
Yes
Restricted options
$23,500 + $7,500 in catchup contributions if eligible
$7,000 + $1,000 in catchup contributions if eligible
Partnering with the ePlan Services team can help you cultivate a healthy book of business in the Garden State.
New Jersey Business Owners May Face Penalties for Non-Compliance
Soon, your New Jersey clients will need to adopt the state-run IRA program, RetireReady NJ, or an alternative that could potentially provide greater advantages: such as an ePlan Services 401(k).
RetireReady NJ vs. ePlan Services’ 401(k): Help Your Clients Decide
Business owners can choose to enroll in the state-administered savings program, RetireReady NJ, or select a potentially more advantageous option such as an ePlan Services retirement plan.
Determine Client Tax Credit Eligibility with Our SECURE Act Tax Credit Estimator
Seasoned financial advisors like you can go above and beyond by estimating your business-owner clients’ eligibility for tax credits right in front of them by using our SECURE Act Tax Credit Estimator.
