New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Discover the Top 5 Advantages of Continuing to Work in Retirement for New Jersey Resources Employees

Healthcare Provider Update: Healthcare Provider for New Jersey Resources New Jersey Resources (NJR) is a publicly traded energy services company that provides natural gas and energy services to support their customers. They have partnered with various healthcare insurers to offer health benefits to their employees. While the specific healthcare provider for NJR does not seem to be explicitly documented, they typically leverage local and nationwide providers suited for corporate health benefits under state and federal health regulations. Potential Healthcare Cost Increases for New Jersey Resources in 2026 As we look ahead to 2026, healthcare costs are anticipated to rise significantly for New Jersey Resources employees. Due to factors such as escalating medical services costs and the expiration of enhanced ACA premium subsidies, individuals could face premium increases averaging nearly 36.5% for local government employees and 29.7% for school employees. This perfect storm of rising healthcare expenses, coupled with the pressure on insurers to maintain profitability, poses the risk of out-of-pocket expenses soaring, thereby underlining the urgent need for strategic financial planning in the upcoming year. Click here to learn more

In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.(1) As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits you can enjoy after you retire from New Jersey Resources.

1. Mental Benefits

Working during your New Jersey Resources retirement can help maintain mental agility as you learn new skills. Staying engaged in work helps build 'mental muscle,' which can lessen the risk of developing dementia and Alzheimers(2) and ward off the signs of aging.

2.. Physical Benefits

Staying active during your New Jersey Resources retirement years is crucial for continued health. Whether you choose to work full-time or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.

3. Financial Benefits

Besides the obvious extra income, working during your New Jersey Resources retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.(3) Finding a strategy that works for you can truly pay off.

4. Emotional Benefits

Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your years or retirement from New Jersey Resources.

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5. Social Benefits

One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.

Sources

1. AARP.org, February/March 2015

2. Forbes, 2017

3. Social Security Administration, 2017

4. Association for Psychological Science, 2017

What is the 401(k) plan offered by New Jersey Resources?

The 401(k) plan at New Jersey Resources is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees enroll in the New Jersey Resources 401(k) plan?

Employees can enroll in the New Jersey Resources 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.

Does New Jersey Resources match employee contributions to the 401(k) plan?

Yes, New Jersey Resources offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.

What is the maximum contribution limit for the New Jersey Resources 401(k) plan?

The maximum contribution limit for the New Jersey Resources 401(k) plan is in line with IRS guidelines, which are subject to change annually.

When can employees start contributing to the New Jersey Resources 401(k) plan?

Employees can start contributing to the New Jersey Resources 401(k) plan after completing their eligibility period, typically within the first few months of employment.

Are there any fees associated with the New Jersey Resources 401(k) plan?

Yes, there may be administrative fees associated with the New Jersey Resources 401(k) plan, which are disclosed in the plan documents provided to employees.

Can employees take loans against their 401(k) balance at New Jersey Resources?

Yes, New Jersey Resources allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.

What investment options are available in the New Jersey Resources 401(k) plan?

The New Jersey Resources 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amount to the New Jersey Resources 401(k) plan?

Employees can change their contribution amount to the New Jersey Resources 401(k) plan on a quarterly basis or as specified in the plan guidelines.

What happens to the New Jersey Resources 401(k) plan if an employee leaves the company?

If an employee leaves New Jersey Resources, they can either roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the plan, depending on the plan's rules.