The New Jersey Secure Choice Savings Board has appointed Todd Hassler as Executive Director of the New Jersey Secure Choice Savings Program.
Hassler is the first person to hold that position; in that capacity, he will oversee the creation and operation of the program. Hassler most recently served as senior investigator for the U.S. Department of Labor's Employee Benefits Security Administration; in that capacity, he analyzed benefit plan designs and investigated operational failures.
"Todd's vast knowledge and wealth of experience in responsible oversight of employee benefit plans will be valuable assets in launching the Secure Choice Savings Program," said Secure Choice Savings Board Chair Andrea Spalla, who also is Assistant State Treasurer, in a press release.
About the Program
The program is intended to provide a low-cost retirement plan for private-sector employees across New Jersey. The Board anticipates that when the program is fully operational, it could be responsible for receiving and investing more than $10 billion on behalf of approximately 1.7 million workers.
Gov. Phil Murphy (D) on March 28, 2019 signed into law the New Jersey Secure Choice Act, the measure creating the New Jersey Secure Choice Savings Program and which was to be implemented two years after the enactment date, March 28, 2021. Enrollment of employees was to take place by then as well. Later, the date of implementation was delayed by one year, but the Board said that while it was aiming to implement the program by then, it “should not, and does not intend to, cut corners in providing such a new and robust program for the citizens of New Jersey.”
The program’s website does not specify when the program is to become operational.
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