Bill > S2831

This bill establishes the "New Jersey Secure Choice Savings Program Act," a retirement savings program designed to help private sector employees save for retirement through automatic enrollment in a payroll deduction Individual Retirement Account (IRA). The program will be administered by the New Jersey Secure Choice Savings Board, which will include the State Treasurer and other appointed members. Employers with 25 or more employees who do not already offer a qualified retirement plan will be required to facilitate this program through payroll deductions, though they are not considered fiduciaries and bear no liability for investment decisions or program performance. Employees will be automatically enrolled unless they opt out, and will contribute a default of three percent of their wages, with options to adjust their contribution level and investment choices. The program aims to be low-cost, convenient, and portable for employees, with the State explicitly disclaiming any liability for benefits or investment losses. The bill also outlines penalties for employers who fail to comply with enrollment requirements and establishes separate funds for program savings and administrative expenses.