New Jersey Sen. Shirley Kersey Turner / Courtesy photo New Jersey Tax Inequity Remains Unfixed
We agree with Sen. Shirley Turner: "The fact that our state treats certain retirement plans differently for tax purposes is not only confusing, it is unfair for educators and not-for-profit employees who are heavily impacted by this disparity."
February 12, 2023 at 10:00 AM
4 minute read
Fourteen years ago, we recommended that the legislature and governor take action to fix the inequity in New Jersey's Gross Income Tax Act that treats contributions to §403(b) retirement plans less favorable than contributions to §401(k) retirement plans. Section 403(b) plans are common among nonprofit and certain governmental employers because they are not necessarily governed by ERISA and, thus, are normally easier and less costly to administer.
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