The bill amends the New Jersey Secure Choice Savings Program by lowering the qualification threshold for employer participation from those with 25 or more employees to those with at least one employee. This change broadens the scope of the program, allowing more businesses to participate and offer retirement savings options to their employees. Additionally, the bill removes the term "small employer" from the existing legal language, reflecting the new criteria for employer eligibility.

Furthermore, the bill outlines the responsibilities of participating employers, including establishing payroll deposit retirement savings arrangements and automatically enrolling employees who do not opt out. It also specifies that employers can contract third parties to assist with these tasks. The program is set to be implemented within 24 months of the bill's enactment, with provisions for phased enrollment based on employer size. Overall, the bill aims to enhance retirement savings opportunities for employees across a wider range of businesses in New Jersey.

Statutes affected:
Introduced: 43:23-14, 43:23-26