Beginning March 1, New Community Corporation will offer employees a new 401(k) retirement savings plan with an employer match up to 3 percent of the employee’s salary. This marks the first time NCC employees have been offered a plan with the organization providing matching funds.
“This is a tremendous forward movement for us and it’s something that we had wanted to do for quite some time,” said New Community Board Chairman Dr. A. Zachary Yamba. “We hope it will be very beneficial to the employees because we value their work. We value their connection to NCC.”
New Community CEO Richard Rohrman said the new plan provides an additional benefit to employees and shows that the organization values their work.
“The employees who interact with and work with our clients are who power NCC forward as we gain momentum for our next 50 years. Our mission has to be demonstrated by how we treat them. The 401(k) plan with a match from NCC has been a goal of mine for some time and fully supported by our Board,” Rohrman said. “It’s the icing on the benefits plan. Medical coverage, vacation time, sick time, personal time, substantial minimum wage increases and now the 401(k) match represent an investment in our workforce that will translate into the delivery of quality services by a workforce that is being treated with dignity and appreciation.”
The 401(k) plan will be administered through the Employers Association of New Jersey (EANJ) and managed by Benefit Consultants Group (BCG). Employees are eligible to participate in the plan after one year of employment with New Community.
The goal of the plan is to help employees save more for their retirement by offering them the benefit of an employer match.
“The trick is to save early and save as much as you can,” Rohrman said.