The bill establishes the "New Jersey Workplace Skills Savings Program," which aims to provide employees with a self-directed employment training fund to enhance job training and skills development. It allows individuals aged 18 and older, who reside or work in New Jersey, to create individual savings accounts for job-related training expenses. Participants can contribute up to $1,000 annually, with the state matching contributions dollar-for-dollar. The program will be administered by the Department of Labor and Workforce Development, while the Department of the Treasury will manage the financial aspects of the associated trust fund.

Additionally, the bill appropriates $25 million from the General Fund to support the program, including the matching funds for contributions. The Department of Labor will also be responsible for producing an annual financial report detailing the program's operations, including metrics such as the number of enrollees, total contributions, and training expenses approved. The program is set to take effect on January 1, 2027, with provisions for anticipatory administrative actions to ensure its implementation.