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 legal language of the program, reflecting the updated criteria for employer eligibility.

Furthermore, the bill maintains the existing framework for the program's implementation, including the requirement for employers to establish payroll deposit retirement savings arrangements for their employees. It also outlines the responsibilities of employers regarding employee enrollment and contribution levels, while allowing for flexibility in how employers can manage their retirement plan offerings. The changes are set to take effect on the first day of the third month following the bill's enactment.

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