Can I offer a 401(k) plan to my employees in New Jersey? What are the requirements?

Based on the documents provided, it appears that New Jersey does not have a state-sponsored retirement plan for private sector employees yet. However, you can offer a 401(k) plan to your employees in New Jersey if you meet certain requirements.

Requirements for Offering a 401(k) Plan in New Jersey

To offer a 401(k) plan to your employees in New Jersey, you must comply with the following requirements:

1. You must be a domestic employer in New Jersey.
2. You must comply with the federal requirements for offering a 401(k) plan, including the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC).
3. You must ensure that the plan meets the minimum participation, vesting, and funding requirements under New Jersey law.

Conclusion

In summary, you can offer a 401(k) plan to your employees in New Jersey if you meet the above requirements. However, it is important to consult with a qualified financial advisor or attorney to ensure that you comply with all applicable federal and state laws.

^[5]:

Source(s):

• [5] Personal Income Tax FAQs - Division of Revenue - State of Delaware

Jurisdiction

New Jersey

• Labor