This bill mandates the establishment of a financial advisory services program by the Department of the Treasury for participants of the New Jersey State Employees Deferred Compensation Plan. The program aims to provide individualized financial advisory services at a low cost, with the Department required to contract a qualified vendor to develop and administer these services. The vendor will receive a base annual administrative fee from the department, along with additional fees charged to participants based on their asset values in the plan. These additional fees will be determined through a competitive procurement process and will have a global cap to ensure affordability. Importantly, the vendor will not be allowed to receive commissions or other financial benefits from the services provided.

The bill also establishes a fiduciary duty for the selected vendor, requiring adherence to a prudent person standard in their advisory role. The services offered will include general financial advice and strategies for achieving a reasonable replacement income after retirement. The State and its employees will not be liable for any financial losses incurred by participants due to the vendor's advice. After five years of service provision, the Department may expand the program to all eligible State employees, contingent upon legislative appropriation from the General Fund to support this expansion.