Eustace & Lagana Reiterate Support for Retirement Savings Legislation

AARP Poll Shows Majority of Workers Approve of Secure Choice Savings Program

Assembly Democrats Tim Eustace and Joseph Lagana (both D-Bergen/Passaic) issued the following statement Thursday after AARP released data showing that most New Jersey workers support a bill (A-4275) the legislators sponsored to establish a program that would encourage private sector employees to save for retirement via an automatic enrollment payroll deduction:

“When thinking about retirement, most people feel not a sense of hopeful anticipation but rather overwhelming anxiety about whether they will be able to afford their day-to-day expenses as they age,” said Eustace. “The clear support for this legislation reflects the desire for greater peace of mind regarding retirement savings among New Jersey’s private sector workers.

“The proposed New Jersey Secure Choice Savings Program provides an avenue to financial freedom for working families that all of our residents can support.”

“Working people in New Jersey want to retire and know the importance of saving for retirement, but for far too many, that dream and the financial reality do not align,” said Lagana. “Support for this legislation crosses ideological and demographic lines, because the notion of giving private sector employees the opportunity to enroll in a low-cost and convenient retirement savings plan appeals to all those who understand the significance of planning for one’s financial future.

“By facilitating a culture of saving in our state, this bill will help put retirement within reach for more hard-working New Jersey residents.”