Bill > S4878

This bill establishes the New Jersey Workplace Skills Savings Program, a new initiative designed to help employees invest in their professional development and job training. The program allows New Jersey residents or employees of businesses in the state who are 18 or older to create individual savings accounts where they can deposit up to $1,000 per calendar year, with the state providing a dollar-for-dollar match. These accounts can be used to pay for various career-enhancing expenses, including apprenticeship costs, licensing and certification fees, retraining programs, vocational or technical education, and other worker training-related expenses. The Department of Labor and Workforce Development will administer the program, with the Department of the Treasury managing the trust fund and individual accounts. The program includes specific provisions such as no interest earned on accounts, exemption from creditor claims, and penalties for non-qualified withdrawals. The bill appropriates $25 million to fund the program and requires annual financial and benefits reports to be submitted to the Governor and Legislature. The program is set to take effect on January 1, 2027, with administrative preparations allowed to begin earlier.

Labor and Employment

https://www.njleg.state.nj.us/bill-search/2024/S4878