reglab/housing_qa huggingface dataset:
NJ Rev Stat § 43:23-6 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-6 - Contracts with private sector entities.

43:23-6 Contracts with private sector entities.  6. a. The State Treasurer, or the Treasurer's designee, shall contract with one or more private sector entities to: (1) establish a protocol for reviewing and approving the qualifications of all financial services firms that meet the requirements to participate in the marketplace; (2) design and operate an Internet website that includes information on how eligible employers can voluntarily participate in the marketplace; (3) develop marketing materials about the marketplace that can be distributed electronically or posted on both public and private sector maintained websites;  (4) identify and promote existing federal and State tax credits and benefits for employers and employees that are related to encouraging retirement savings or participating in retirement plans; and (5) promote the benefits of retirement savings and other information that promotes financial literacy.  b. The State Treasurer, or the Treasurer's designee, shall direct any private sector entity contracted pursuant to subsection a. of this section to assure that licensed professionals who assist their clients that are eligible employers or their employees to enroll in a plan offered through the marketplace will receive routine, market-based commissions or other compensation for their services.  c. The State Treasurer, or the Treasurer's designee, shall establish rules to ensure that there are objective criteria in the protocol established pursuant to subsection a.(1) of this section and that the protocol does not provide an unfair advantage to the private sector entity that establishes the protocol. L.2015, c.298, s.6.
NJ Rev Stat § 43:23-7 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-7 - Use of private funding sources.

43:23-7 Use of private funding sources.  7. In addition to any funds appropriated for the purposes of this act, the State Treasurer, or the Treasurer's designee, shall approve the use of private funding sources, including private foundation grants, to pay for marketplace expenses. On behalf of the marketplace, the Department of the Treasury shall seek federal and private grants and is authorized to accept any funds awarded to the State Treasurer, or the Treasurer's designee, for use in designing, implementing, and operating the marketplace. L.2015, c.298, s.7.
NJ Rev Stat § 43:23-8 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-8 - Avoidance of liability.

43:23-8 Avoidance of liability.  8. The Department of the Treasury shall not expose the State as an employer or through administration of the marketplace to any liability under the federal "Employee Retirement Income Security Act of 1974" (29 U.S.C. s.1001 et seq.). The Department of the Treasury is specifically prohibited from offering and operating a State-sponsored retirement plan for businesses for individuals who are not employed by the State, or any political subdivision thereof.  L.2015, c.298, s.8.
NJ Rev Stat § 43:23-9 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-9 - Incentive payment to participating employers.

43:23-9 Incentive payment to participating employers.  9. The State Treasurer, or the Treasurer's designee, shall approve incentive payments to participating employers that enroll in the marketplace if there are sufficient funds provided by private foundations or other private sector entities, or with State funds specifically appropriated for this purpose.  L.2015, c.298, s.9.
NJ Rev Stat § 43:23-10 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-10 - Report to Legislature.

43:23-10 Report to Legislature.  10. The State Treasurer, or the Treasurer's designee, shall report biennially to the Legislature on the effectiveness and efficiency of the marketplace, including levels of enrollment and the retirement savings levels of participating enrolled that are obtained in aggregate on a voluntary basis from private sector financial services firms that participate in the marketplace. L.2015, c.298, s.10.
NJ Rev Stat § 43:23-11 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-11 - Compliance.

43:23-11 Compliance.  11. The State Treasurer, or the Treasurer's designee, shall ensure that any individual retirement account products proposed for inclusion in the marketplace comply with the requirements of section 5 of this act.  L.2015, c.298, s.11.
NJ Rev Stat § 43:23-12 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-12 - Regulations.

43:23-12 Regulations.  12. The Department of the Treasury shall promulgate regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) necessary to effectuate the purposes of this act. In promulgating regulations, the State Treasurer, or the Treasurer's designee, shall consult with organizations representing eligible employers, qualified employees, private and nonprofit sector retirement plan administrators and providers, private sector financial services firms, and any other individuals or entities that the State Treasurer, or the Treasurer's designee, determine relevant to the effective and efficient method for effectuating the purposes of this act. L.2015, c.298, s.12.
NJ Rev Stat § 43:23-13 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-13 - Short title.

43:23-13 Short title.  1. This act shall be known and may be cited as the "New Jersey Secure Choice Savings Program Act." L.2019, c.56, s.1.
NJ Rev Stat § 43:23-15 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-15 - New Jersey Secure Choice Savings Program.

43:23-15 New Jersey Secure Choice Savings Program.  3. A retirement savings program in the form of an automatic enrollment payroll deduction IRA, known as the New Jersey Secure Choice Savings Program, is hereby established and shall be administered by the board for the purpose of promoting greater retirement savings for private sector employees in a convenient, low cost, and portable manner. L.2019, c.56, s.3.
NJ Rev Stat § 43:23-16 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-16 - Special fund outside of General Fund.

43:23-16 Special fund outside of General Fund.  4. a. The New Jersey Secure Choice Savings Program Fund is established as a special fund outside of the General Fund, separate and apart from all public moneys or funds of this State, with the board established pursuant to section 6 of this act as its trustee. The fund shall include the individual retirement accounts of enrollees, which shall be accounted for as individual accounts. Moneys in the fund shall consist of moneys received from enrollees directly and through participating employers pursuant to automatic payroll deductions and contributions to savings made pursuant this act. The fund shall be operated in a manner determined by the board, provided that the fund is operated so that the accounts of enrollees established under the program meet the requirements for IRAs under the Internal Revenue Code.  b. The amounts deposited in the fund shall not constitute property of the State and the fund shall not be construed to be a department, institution, or agency of the State. Amounts on deposit in the fund shall not be commingled with State funds and the State shall have no claim to or against, or interest in, such funds. L.2019, c.56, s.4.
NJ Rev Stat § 43:23-17 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-17 - Nonappropriated separate and apart trust fund.

43:23-17 Nonappropriated separate and apart trust fund.  5. The New Jersey Secure Choice Administrative Fund is created as a nonappropriated separate and apart trust fund outside of the General Fund in the Department of the Treasury, to be used exclusively for the purpose of this act, P.L.2019, c.56 (C.43:23-13 et seq.). The board shall use moneys in the administrative fund to pay for administrative expenses it incurs in the performance of its duties under this act. The board shall use moneys in the administrative fund to cover startup administrative expenses it incurs in the performance of its duties under this act. The administrative fund may receive any grants or other moneys designated for administrative purposes from the State, or any unit of federal or local government, or any other person, firm, partnership, or corporation. Any interest earnings that are attributable to moneys in the administrative fund shall be deposited into the administrative fund. L.2019, c.56, s.5.
NJ Rev Stat § 43:23-18 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-18 - New Jersey Secure Choice Savings Board.

43:23-18 New Jersey Secure Choice Savings Board.  6. There is established in, but not of, the Department of the Treasury the New Jersey Secure Choice Savings Board. a. The board shall consist of the following members:  (1) the State Treasurer, or the State Treasurer's designee, who shall serve as chair; (2) the State Comptroller, or the State Comptroller's designee; (3) the Director of the Office of Management and Budget, or the director's designee; (4) two representatives of the general public with expertise in retirement savings plan administration or investment, or both, of which one representative shall be appointed by the Governor upon the recommendation of the Speaker of the General Assembly and one representative appointed by the Governor upon the recommendation of the Senate President, with both appointments being made in consultation with organizations representing business, including organizations representing businesses or professionals in the securities and investment industries; (5) a representative of a business trade association, appointed by the Governor; and (6) a representative of enrollees, appointed by the Governor. b. Members of the board shall serve without compensation. c. The initial terms of the appointees shall be as follows: the public representative recommended by the Senate President, for four years; the public representative recommended by the Speaker of the General Assembly, for two years; the representative of a business trade organization, for three years; and the representative of enrollees for one year. Thereafter, all of the appointees shall be for terms of four years. d. A vacancy in the term of an appointed board member shall be filled for the balance of the unexpired term in the same manner as the original appointment. e. Each appointment by the Governor not appointed upon the recommendation of the Senate President or the Speaker of the General Assembly shall be subject to the advice and consent of the Senate. In case of a vacancy during a recess of the Senate, the Governor shall make a temporary appointment until the next meeting of the Senate, at which time the Governor shall appoint a person to fill the office. f. Each board member, prior to assuming office, shall take an oath that the member will diligently and honestly administer the affairs of the board and that the member will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the program. The oath shall be certified by the officer before whom it is taken and immediately filed with the Secretary of State.  L.2019, c.56, s.6.
NJ Rev Stat § 43:23-19 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-19 - Duties of board, trustee, agents.

43:23-19 Duties of board, trustee, agents.  7. The board, the individual members of the board, the trustee appointed under subsection b. of section 8 of this act, any other agents appointed or engaged by the board, and all persons serving as program staff shall discharge their duties with respect to the program solely in the interest of the program's enrollees and beneficiaries as follows: a. By investing with the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a similar character and with similar aims; and b. By using any contributions paid by employees directly and through participating employers pursuant to automatic payroll deductions and contributions into the fund exclusively for the purpose of paying benefits to the enrollees of the program, for the cost of administration of the program, and for investments made for the benefit of the program. L.2019, c.56, s.7.
NJ Rev Stat § 43:23-21 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-21 - Annual statement of investment policy.

43:23-21 Annual statement of investment policy.  9. The board shall annually prepare and adopt a written statement of investment policy that includes a risk management and oversight program. This investment policy shall prohibit the board, program, and fund from borrowing for investment purposes. The risk management and oversight program shall be designed to ensure that an effective risk management system is in place to monitor the risk levels of the program and fund portfolio, to ensure that the risks taken are prudent and properly managed, to provide an integrated process for overall risk management, and to assess investment returns as well as risk to determine if the risks taken are adequately compensated compared to applicable performance benchmarks and standards. The board shall consider the statement of investment policy and any changes in the investment policy at a public hearing. L.2019, c.56, s.9.
NJ Rev Stat § 43:23-22 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-22 - Investment, reinvestment of moneys in the fund; reports.

43:23-22 Investment, reinvestment of moneys in the fund; reports.  10. a. Moneys in the fund shall be invested, or reinvested, as the case may be, by the department. The department shall comply with any and all applicable federal and State laws, rules, and regulations, as well as any and all rules or regulations promulgated by the board with respect to the program and the investment of the fund, including, but not limited to, the investment policy. b. The department shall provide reports as the board deems necessary for the board to oversee the department's performance and the performance of the fund. L.2019, c.56, s.10.
NJ Rev Stat § 43:23-23 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-23 - Investment options.

43:23-23 Investment options.  11. a. The board may establish any or all of the following investment options: (1) a capital preservation fund, which prioritizes the security of the deposit over the rate of return. If the board elects to establish a capital preservation fund, the board may provide that the first $1,000 in contributions made by, or on behalf of, an enrollee shall be deposited into the capital preservation fund and the board may provide for an account revocation period during which, if the enrollee chooses to end participation in the program, the enrollee may withdraw the deposited amounts from the capital preservation fund without penalty; or (2) a life-cycle fund; or (3) any other investment option deemed appropriate by the board. b. The board shall designate by rule or regulation one of the investment options as the default investment option for enrollees who fail to elect an investment option and may, from time to time, amend, modify or repeal such investment options as it deems necessary or proper, and may subsequently select, by rule or regulation, a different investment option as the default investment option. L.2019, c.56, s.11.
NJ Rev Stat § 43:23-24 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-24 - Allocation of interest, investment earnings, and investment losses.

43:23-24 Allocation of interest, investment earnings, and investment losses.  12. Interest, investment earnings, and investment losses shall be allocated to individual program accounts as established by the board pursuant to subsection d. of section 8 of this act. An individual's retirement savings benefit under the program shall be an amount equal to the balance in the individual's program account on the date the retirement savings benefit becomes payable. The State shall have no liability for the payment of any benefit to any participant in the program. L.2019, c.56, s.12.
NJ Rev Stat § 43:23-25 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-25 - Information packets.

43:23-25 Information packets.  13. a. Prior to the opening of the program for enrollment, the board shall design and disseminate to all employers an employer information packet and an employee information packet, which shall include background information on the program, appropriate disclosures for employees, and, if necessary, information regarding the vendor Internet website described in subsection j. of section 14 of this act. The board shall establish and maintain an internet website designed to make available to employers, employees, and members of the general public the employee information packet, the employer information packet, all reports provided pursuant to subsection a. of section 18 of P.L.2019, c.56 (C.43:23-30), and any other reports, documents or information deemed appropriate by the board. b. For the first six months following the opening of the program, the board shall provide a process by which employers may register for participation in the program. c. The employee information packet designed by the board shall include a disclosure form. The disclosure form shall explain, but not be limited to, all of the following: (1) the benefits and risks associated with making contributions to the program; (2) the mechanics of how to make contributions to the program; (3) how to opt out of the program; (4) how to participate in the program with a level of employee contributions other than three percent; (5) the process for withdrawal of retirement savings; (6) how to obtain additional information about the program; (7) that employees seeking financial advice should contact financial advisors, that participating employers are not in a position to provide financial advice, and that participating employers are not liable for decisions employees make pursuant to this act; (8) that the program is not an employer-sponsored retirement plan; and (9) that the program fund is not guaranteed by the State. d. The employee information packet shall also include a form for an employee to note his or her decision to opt out of participation in the program or elect to participate with a level of employee contributions other than three percent. e. Participating employers shall supply the employee information packet to employees upon implementation of the program. Participating employers shall supply the employee information packet to new employees at the time of hiring, and new employees may opt out of participation in the program or elect to participate with a level of employee contributions other than three percent at that time. L.2019, c.56, s.13.
NJ Rev Stat § 43:23-27 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-27 - Payments by employer to fund.

43:23-27 Payments by employer to fund.  15. Employee contributions deducted by the participating employer through payroll deduction, less any amount withheld for State income tax pursuant to regulations adopted by the board in consultation with the department, shall be paid by the participating employer to the fund before the deadline established those regulations, using one or more payroll deposit retirement savings arrangements established by the board under subsection i. of section 8 of this act. L.2019, c.56, s.15.
NJ Rev Stat § 43:23-28 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-28 - State has no duty, liability.

43:23-28 State has no duty, liability.  16. a. The State shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the program. Any financial liability for the payment of retirement savings benefits in excess of funds available under the program shall be borne solely by the entities with whom the board contracts to provide insurance to protect the value of the program. b. No State entity, board, commission, or agency, or any officer, employee, or member thereof is liable for any loss or deficiency resulting from particular investments selected under this act, except for any liability that arises out of a breach of fiduciary duty under section 7 of this act. L.2019, c.56, s.16.
NJ Rev Stat § 43:23-29 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:23-29 - Immunity from liability for employers; responsibilities.

43:23-29 Immunity from liability for employers; responsibilities.  17. a. Participating employers shall not have any liability for an employee's decision to participate in, or opt out of, the program or for the investment decisions of the board or of any enrollee. b. The program is not an employer-sponsored plan and it is not operated or administered by the employer. A participating employer shall not be a fiduciary, or considered to be a fiduciary, over the program, and shall not be liable with regard to investment returns, program design, and benefits paid to program participants. A participating employer shall not bear responsibility for the administration, investment, or investment performance of the program, or for any required or permitted communications between participating employees and program administrators. Nothing herein shall relieve employers from their responsibility for enrolling employees and transmitting or arranging for transmission of payroll deductions to the program in the manner required by sections 14 and 15 of this act, distributing materials to employees in the manner required by section 13 this act, establishing an open enrollment period in the manner required by section 14 of this act, or reporting information relevant to their compliance with this act in the manner required by section 19 of this act. L.2019, c.56, s.17.