Millions of People, and residents across the Garden State, rest
their retirement hopes and dreams on Social Security, employment-based savings
plans, personal financial assets and health insurance. Unfortunately, these
pillars are eroding.
The winds and sands of political strife and the fallout of the
financial crisis have contributed to the erosion of defined pension plans and
personal financial assets. As a matter of fact, more than half of
private-sector workers in the Garden State lack an employer-sponsored
retirement plan altogether. For these particularly vulnerable employees, a
robust and worthwhile retirement is virtually unattainable.
Given the bleak state of
retirement savings of so many of our state's workers, AARP is advocating for a
straightforward and pragmatic retirement savings program that would give
private-sector workers a way to save more, easily and securely.
Enter the proposed New
Jersey Secure Choice Saving
Plans Program Act (A4275/S2831), a plan Assembly Speaker Vincent Prieto
(D-Hudson) and Senate President Steve Sweeney (D-Gloucester) are sponsoring
that will provide businesses with an extremely low-cost and hassle-free way to
offer their employees a retirement savings account. More important, the
employee gains a tool to strengthen his or her own future in retirement.
[source:http://www.nj.com/opinion/index.ssf/2015/05/letter_a_good_retirement_savings_plan_for_private-.html]
