State-mandated retirement savings programs, like New Jersey’s RetireReady NJ, have continued to gain momentum and bridge the gap for many small businesses struggling to afford administrative burdens. Now, NJ's state-auto-IRA retirement savings program has reached $1 million in retirement savings since the launch of the program just five months ago, announced State Treasurer Elizabeth Maher Muoio yesterday.

New Jersey businesses with 25 or more employees that have been in business for two or more years (and do not currently offer a qualified retirement plan) are required to register with the RetireReady NJ program. Employees have the opportunity to begin saving for retirement through convenient payroll deductions into a Roth or Traditional Individual Retirement Account (IRA).