Frequently Asked Questions
Below you'll find many of the common questions we’ve been asked.
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Employer FAQs
How Do I Contact RetireReady NJ?
To contact support, please call (855) 929-4387 or email clientservices@retireready.nj.gov.
What is considered to be a qualified, employer-sponsored retirement plan?
An employer-sponsored retirement plan includes a plan qualified under Internal Revenue Code sections 401(a) (including a 401(k) plan), qualified annuity plan under section 403(a), tax-sheltered annuity plan under section 403(b), Simplified Employee Pension plan under section 408(k), a SIMPLE IRA plan under section 408(p), or governmental deferred compensation plan under section 457(b). It does not include payroll deduction IRAs.
Can I have a designated employee or payroll services provider complete the registration process?
You can invite a payroll representative to help you facilitate this process. Your payroll representative can be an admin, a teammate, or even your bookkeeper or payroll administrator. Simply add your payroll representatives as a teammate to your RetireReady NJ account to allow them to manage your employee list and process payroll if they do not require an integration.
The employer portal seamlessly integrates with many leading payroll providers. If you don’t currently use an external payroll provider, or if they’re not interested in an integration, the process to manually upload payroll contributions is quick and simple.
If I offer RetireReady NJ to my employees now and then decide to offer a qualified retirement plan later, what do I do?
Employers that choose to introduce a qualified retirement plan after enrolling employees in the RetireReady NJ program should exempt your business. You can find more information about this process here.
What if my payroll company won't help me administer RetireReady NJ?
You can still offer RetireReady NJ to your employees on your own with no complex administration—easily making it a part of your own payroll process. Watch this video
Are workers of only certain immigration statuses eligible for the program? What about undocumented workers?
Only workers with a verifiable Individual Tax Identification Number (ITIN) or Social Security number (SSN) can participate in the program. If a worker's information cannot be verified, the worker will not be enrolled, and an account will not be established for him or her.
Saver FAQs
Can I roll in "money"?
Yes, the program allows rollovers. Please speak with a tax advisor prior to distributing and refer to IRS guidelines.
Rollover In Process
- Account owner would contact their previous retirement plan management company to request a rollover distribution.
- We highly encourage any saver looking to process a rollover in or transfer in to first speak with a tax advisor. Any saver looking to roll Traditional/pre-tax funds from a 401k or transfer from a Traditional IRA into their Roth IRA should be aware that they will have the balance of their rollover amount considered as taxable income for the year. Also, if conducting an IRA to IRA transfer, the saver should be aware they can only process a "trustee to trustee IRA transfer" once every 12 months.
- Previous retirement plan management should create a rollover distribution check. This check can be mailed directly to the client to be forwarded onto the appropriate program mailing address.
- For a direct rollover, check should be made out to "(Program Name) FBO (Account Holder)" (account information for deposit should also be included). For an indirect rollover, any rollover proceeds must be placed in the account within 60 days of distribution from the previous plan (tax reporting is the responsibility of the saver).
- Check can be provided with the program Certification of Rollover Assets form, but is not needed to complete the rollover.
Indirect Rollover Out Process
- Account owner would take a withdrawal from us as normal and send over the funds to the new plan manager for deposit as a rollover into their account.
- The distribution needs to be placed into another retirement account within 60 days from the date of the distribution to qualify as a rollover. Savers should check with the new provider on what their exact procedure is for those requests.
Direct Rollover Out Process
- Account owner needs to fill out the rollover paperwork from the other plan management company.
- After that company processes the request on their end, they will send us a letter of acceptance and instructions on how and where to send the funds.
- If received in good order before 4pm EST on a business day, the rollover distribution will be processed with that night's market close. Check and confirmation would be sent out the next business day (standard mailing time to receive is approximately 7-10 business days). A confirmation email will arrive 2-7 business days after processing.
- Request needs to be for a cash liquidation of all funds and include an acceptance letter with mailing instructions for the check. We will not process in-kind rollovers or distributions.
What should I do if I have a pre-tax/Traditional 401k or IRA and do not want to roll into my Roth IRA?
While the program allows rollovers, you may incur taxes on the amount you rollover by rolling a pre-tax retirement account into a Roth IRA. Please consult with a tax advisor before taking a distribution from your previous provider. If you would like to retain the pre-tax money being rolled over, please first recharacterize your IRA to a Traditional via the recharacterization form, then take the distribution.
How do I set up my RetireReady NJ account online after I’m enrolled?
If you choose to participate, set up your account here and follow the on-screen instructions.