Title 43, Title 43: PENSIONS AND RETIREMENT AND UNEMPLOYMENT COMPENSATION

43:23-13 Short title. 1. This act shall be known and may be cited as the "New Jersey Secure Choice Savings Program Act." L.2019, c.56, s.1.

43:23-14 Definitions relative to certain retirement plans. 2. As used in this act: "Board" means the New Jersey Secure Choice Savings Board established pursuant to this act. "Department" means the Department of the Treasury. "Employee" means any individual who is 18 years of age …

43:23-15 New Jersey Secure Choice Savings Program. 3. A retirement savings program in the form of an automatic enrollment payroll deduction IRA, known as the New Jersey Secure Choice Savings Program, is hereby established and shall be administered by the board for the purpose of …

43:23-16 Special fund outside of General Fund. 4. a. The New Jersey Secure Choice Savings Program Fund is established as a special fund outside of the General Fund, separate and apart from all public moneys or funds of this State, with the board established pursuant to section 6 …

43:23-17 Nonappropriated separate and apart trust fund. 5. The New Jersey Secure Choice Administrative Fund is created as a nonappropriated separate and apart trust fund outside of the General Fund in the Department of the Treasury, to be used exclusively for the purpose of this …

43:23-18 New Jersey Secure Choice Savings Board. 6. There is established in, but not of, the Department of the Treasury the New Jersey Secure Choice Savings Board. a. The board shall consist of the following members: (1) the State Treasurer, or the State Treasurer's designee, who…

43:23-19 Duties of board, trustee, agents. 7. The board, the individual members of the board, the trustee appointed under subsection b. of section 8 of this act, any other agents appointed or engaged by the board, and all persons serving as program staff shall discharge their dut…

43:23-2 Findings, declarations relative to a New Jersey Small Business Retirement Marketplace. 2. The Legislature finds and declares that: a. it is appropriate to create a New Jersey Small Business Retirement Marketplace because there is a retirement savings gap in this State, on…

43:23-20 Additional duties, responsibilities of board. 8. In addition to the other duties and responsibilities provided in P.L.2019, c.56 (C.43:23-13 et seq.), the board shall: a. Design, establish, and operate the program in a manner that: (1) accords with best practices for ret…

43:23-21 Annual statement of investment policy. 9. The board shall annually prepare and adopt a written statement of investment policy that includes a risk management and oversight program. This investment policy shall prohibit the board, program, and fund from borrowing for inve…

43:23-22 Investment, reinvestment of moneys in the fund; reports. 10. a. Moneys in the fund shall be invested, or reinvested, as the case may be, by the department. The department shall comply with any and all applicable federal and State laws, rules, and regulations, as well as …

43:23-23 Investment options. 11. a. The board may establish any or all of the following investment options: (1) a capital preservation fund, which prioritizes the security of the deposit over the rate of return. If the board elects to establish a capital preservation fund, the bo…

43:23-24 Allocation of interest, investment earnings, and investment losses. 12. Interest, investment earnings, and investment losses shall be allocated to individual program accounts as established by the board pursuant to subsection d. of section 8 of this act. An individual's …

43:23-25 Information packets. 13. a. Prior to the opening of the program for enrollment, the board shall design and disseminate to all employers an employer information packet and an employee information packet, which shall include background information on the program, appropria…

43:23-26 Implementation of program, enrollment of employees. 14. The program shall be implemented, and enrollment of employees shall begin, within 24 months after the effective date of P.L.2019, c.56 (C.43:23-13 et seq.). The board may extend the time period within which the prog…

43:23-27 Payments by employer to fund. 15. Employee contributions deducted by the participating employer through payroll deduction, less any amount withheld for State income tax pursuant to regulations adopted by the board in consultation with the department, shall be paid by the…

43:23-28 State has no duty, liability. 16. a. The State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the program. Any financial liability for the payment of retirement savings benefits in excess of…

43:23-29 Immunity from liability for employers; responsibilities. 17. a. Participating employers shall not have any liability for an employee's decision to participate in, or opt out of, the program or for the investment decisions of the board or of any enrollee. b. The program i…

43:23-3 Definitions relative to a New Jersey Small Business Retirement Marketplace. 3. As used in this act: "Approved plans" means retirement plans offered by private sector financial services firms that meet the requirements of this act to participate in the marketplace. "Balanc…

43:23-30 Annual reports. 18. a. The board shall annually submit to the Governor and the department, and to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1): (1) an audited financial report, prepared in accordance with generally accepted accounting principle…

43:23-31 Penalties for noncompliant employers. 19. a. An employer who fails without reasonable cause to enroll any employee within the time prescribed under section 14 of P.L.2019, c.56 (C.43:23-26) shall be subject to: (1) for the first calendar year during which at any point a …

43:23-32 Rules, regulations. 20. The board, in consultation with the department, shall adopt, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), any rules and regulations as may be necessary for the implementation of this act. L.2019, c.56, s.20…

43:23-33 Severability, assets not deemed assets for certain purposes. 21. a. If any clause, sentence, paragraph, section or other part of the act shall be adjudged by any court of competent jurisdiction to be invalid, including any judgment made pursuant to R.S.1:1-10 that the pa…

43:23-4 New Jersey Small Business Retirement Marketplace. 4. There is established the New Jersey Small Business Retirement Marketplace in the Department of the Treasury. L.2015, c.298, s.4.

43:23-5 Plan for the operation of the marketplace. 5. a. The State Treasurer, or the Treasurer's designee, shall design and implement a plan for the operation of the marketplace pursuant to the provisions of this act. Thereafter, the State Treasurer, or the Treasurer's designee, …

43:23-6 Contracts with private sector entities. 6. a. The State Treasurer, or the Treasurer's designee, shall contract with one or more private sector entities to: (1) establish a protocol for reviewing and approving the qualifications of all financial services firms that meet th…

43:23-7 Use of private funding sources. 7. In addition to any funds appropriated for the purposes of this act, the State Treasurer, or the Treasurer's designee, shall approve the use of private funding sources, including private foundation grants, to pay for marketplace expenses.…

43:23-8 Avoidance of liability. 8. The Department of the Treasury shall not expose the State as an employer or through administration of the marketplace to any liability under the federal "Employee Retirement Income Security Act of 1974" (29 U.S.C. s.1001 et seq.). The Department…

43:23-9 Incentive payment to participating employers. 9. The State Treasurer, or the Treasurer's designee, shall approve incentive payments to participating employers that enroll in the marketplace if there are sufficient funds provided by private foundations or other private sec…