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Bill > A4275

NJ A4275

NJ A4275
"New Jersey Small Business Retirement Marketplace Act."*

summary

Introduced
03/09/2015
In Committee
12/21/2015
Crossed Over
01/11/2016
Passed
01/11/2016
Dead
Signed/Enacted/Adopted
01/19/2016

Introduced Session

2014-2015 Regular Session

Bill Summary

"New Jersey Small Business Retirement Marketplace Act."*

AI Summary

This bill, known as the "New Jersey Secure Choice Savings Program Act," establishes a state-administered retirement savings program designed to help private sector employees save for retirement through automatic enrollment in Individual Retirement Accounts (IRAs) funded by payroll deductions. The program will be overseen by the New Jersey Secure Choice Savings Board, which will include the State Treasurer and other appointed members, and will be administered by the Department of the Treasury. Employers with 25 or more employees that do not already offer a qualified retirement plan will be required to facilitate this program for their employees, who will be automatically enrolled unless they choose to opt out. Employees can select their contribution level and investment options, with a default contribution of three percent of wages and a default investment option if no choice is made. The program aims to be low-cost and portable, with the State explicitly stating it will not be liable for investment losses or benefit payments, shifting that responsibility to contracted entities. Employers are protected from liability related to the program's administration or investment performance, and penalties are outlined for employers who fail to comply with enrollment requirements. The bill also mandates the creation of separate funds for program assets and administrative expenses, and requires the board to seek federal guidance on the program's compliance with the Employee Retirement Income Security Act (ERISA).

Committee Categories

Budget and Finance, Labor and Employment

Sponsors (56)

Joe Danielsen (D)*,  Timothy Eustace (D)*,  Lou Greenwald (D)*,  Joe Lagana (D)*,  Raj Mukherji (D)*,  Vincent Prieto (D)*,  Annette Quijano (D)*,  Paul Sarlo (D)*,  Stephen Sweeney (D)*,  Shirley Turner (D)*,  Robert Andrews (D),  Peter Barnes (D),  Daniel Benson (D),  Anthony Bucco (R),  John Burzichelli (D),  Ralph Caputo (D),  Marlene Caride (D),  Jack Ciattarelli (R),  Herbert Conaway (D),  Craig Coughlin (D),  Nilsa Cruz-Perez (D),  Sandra Cunningham (D),  Patrick Diegnan (D),  Carmelo Garcia (D),  Thomas Giblin (D),  Robert Gordon (D),  Linda Greenstein (D),  Amy Handlin (R),  Jamel Holley (D),  Mila Jasey (D),  Angelica Jimenez (D),  Sean Kean (R),  Pam Lampitt (D),  Raymond Lesniak (D),  Fred Madden (D),  John McKeon (D),  Paul Moriarty (D),  Gabriela Mosquera (D),  Nancy Muñoz (R),  Elizabeth Muoio (D),  Declan O'Scanlon (R),  Joe Pennacchio (R),  Nancy Pinkin (D),  David Rible (R),  Teresa Ruiz (D),  Bob Singer (R),  Troy Singleton (D),  Bob Smith (D),  L. Grace Spencer (D),  Shavonda Sumter (D),  Samuel Thompson (D),  Valerie Vainieri Huttle (D),  Jeff Van Drew (R),  Joe Vitale (D),  Loretta Weinberg (D),  Jim Whelan (D), 

Last Action

Approved P.L.2015, c.298. (on 01/19/2016)
(1 Companion Bills)

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