Bill > S4564

This bill revises the New Jersey Secure Choice Savings Program by lowering the threshold for employers to be considered "small employers" from 25 employees to 10 employees, meaning businesses with 10 to 24 employees will now be subject to the program's requirements if they haven't offered a qualified retirement plan. It also modifies the definition of "employer" to include those with at least one employee, provided they have been in business for at least two years and haven't offered a qualified retirement plan. The bill clarifies that employers are not liable for employee investment decisions or the program's administration, and it adjusts the administrative fee structure for the program to a flat fee per account plus a percentage of the account balance, aiming to keep costs low. Additionally, it enhances the board's duties to include exploring multi-state agreements, establishing processes for beneficiary designations, and allowing data sharing with other state agencies for program administration and compliance. The bill also updates penalty provisions for employer non-compliance and allows the Department of the Treasury to share taxpayer information with the Secure Choice Savings Program for compliance and outreach purposes.

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https://www.njleg.state.nj.us/bill-search/2024/S4564