{"id":447,"date":"2025-01-21T22:30:32","date_gmt":"2025-01-21T22:30:32","guid":{"rendered":"https:\/\/secure.eplanservices401k.com\/blog\/?post_type=article&#038;p=447"},"modified":"2025-09-25T14:41:35","modified_gmt":"2025-09-25T14:41:35","slug":"retireready-nj-vs-eplan-services-401k-help-your-clients-decide","status":"publish","type":"article","link":"https:\/\/secure.eplanservices401k.com\/marketing\/article\/retireready-nj-vs-eplan-services-401k-help-your-clients-decide\/","title":{"rendered":"RetireReady NJ vs. ePlan Services\u2019 401(k): Help Your Clients Decide"},"content":{"rendered":"\n<p>Currently in New Jersey, adopting a retirement plan is optional; that will change soon. New \nJersey business owners with 25 or more employees will be required to provide a retirement \nsavings program  to stay in compliance with the state\u2019s new legislation. Business owners can \nchoose to enroll in the state-administered savings program, RetireReady NJ, or select a \npotentially more advantageous option such as an ePlan Services retirement plan.<\/p>\n<p>As their trusted advisor, you can save your New Jersey clients from choosing an inferior savings \noption. This is a prime opportunity to help them choose a retirement savings program that will \nsatisfy the state\u2019s requirement and allow them to pocket more money in the long run.<\/p>\n<h2 style=\"text-align:center\">Key Takeaways<\/h2>\n<ul>\n<li>A state-administered IRA may seem convenient, but it\u2019s limited.<\/li>\n<li>An ePlan Services 401(k) retirement plan can bring your clients value in numerous ways, \n(detailed within this blog).<\/li>\n<li>You can help make your clients\u2019 choices easy by allowing them to view their potential \nsavings in real-time.<\/li>\n<\/ul>\n\n<h2>What is the reason for this new legislation?<\/h2>\n<p>The New Jersey government wants to give all New Jersey workers the option to save for \nretirement. Presently, 1.7 million workers in New Jersey do not have retirement savings. As a \nsolution to this problem, NJ has created RetireReady NJ, a state-administered IRA savings \nprogram.<\/p>\n<h2>How does a state-administered savings program work?<\/h2>\n<p>Your client may think they\u2019re getting a burden-free and compliant savings program by \nregistering with New Jersey\u2019s RetireReady NJ IRA, but it may not be as ideal as it seems. Yes, \nthe state will administer the plan for them, but a state program comes with no flexibility to make \nchanges, match employee contributions, or the ability for employees to contribute more than \n$7,000 a year.<\/p>\n<h2>How does an ePlan Services retirement plan work?<\/h2>\n<p>An ePlan Services retirement plan lets your client enjoy more autonomy with plan management \nthan the basic state-run savings program. For starters, a 401(k) allows your clients access to a \nteam that provides easy plan setup and troubleshooting for when issues arise. If your NJ clients \nstart a new plan, add an auto-enrollment feature, or add an employer contribution, they can \nreceive over $5,000 in tax credits1  . The state-run IRA can\u2019t do the same.<\/p>\n<h2>How can you point your clients in the right direction?<\/h2>\n<p>With our tax estimator, you can quickly calculate your clients\u2019 estimated savings potential.  \nSaving money is a powerful motivator for business owners and, with this handy tool, you can \ngive them an idea of how much they stand to gain. Now is your chance to demonstrate your \nvalue, what are you waiting for? You\u2019re in a position to help your clients make the best choice \nfor their businesses and employees.<\/p>\n<h2>Conclusion:<\/h2>\n<p>Soon, your clients are going to need to decide which retirement option they\u2019d like to present to \ntheir employees. If not, they run the risk of not complying with state requirements. This is your \nchance to take the guesswork out of the process and show them why ePlan Services gives them \nmore value and flexibility in the long term. Don\u2019t watch your clients make a mediocre choice, \ninstead, steer them in the right direction with an ePlan Services 401(k) plan. For more \ninformation on how you can effectively collaborate with us, reach out today.<\/p>\n\n<p>1 SECURE Act: Eligible businesses may qualify for a federal tax credit of up to $5,000 annually for three years for \nadministrative and certain other qualifying costs for establishing a workplace retirement plan.  An additional $500 credit \nannually for three years is available if your plan offers auto-enrollment. The Employer Contribution credit may provide \nup to $1,000 per employee for matching or profit sharing contributions.<\/p>\n","protected":false},"featured_media":1391,"template":"","categories":[11,16],"tags":[],"class_list":["post-447","article","type-article","status-publish","has-post-thumbnail","hentry","category-article","category-for-advisors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RetireReady NJ vs. ePlan Services\u2019 401(k): Help Your Clients Decide - ePlan Services<\/title>\n<meta name=\"description\" content=\"Business owners will be required to adopt a retirement plan soon. RetireReady NJ isn&#039;t their only option. 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