Bill > A5358

This bill adjusts the qualification threshold for the New Jersey Secure Choice Savings Program, primarily by lowering the employer eligibility requirements and making several operational modifications. Specifically, the bill changes the definition of "employer" from businesses that employed at least 25 employees in the previous calendar year to any business with at least one employee in the state, has been in business for two years, and has not offered a qualified retirement plan. The bill also modifies several administrative aspects of the program, such as allowing more flexible contribution level changes for enrollees, reducing annual administrative fees to $26 per account plus 0.25% of each enrollee's account balance, and adding new provisions for beneficiary designations and data sharing between state agencies. Additionally, the bill provides more flexibility for employers in implementing the program, clarifies penalty structures for non-compliance, and allows the program to explore multi-state administrative agreements. The changes aim to make the retirement savings program more accessible to a broader range of employees and employers while maintaining administrative efficiency and protecting both employers and employees from undue liability.

Business and Industry, Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5358