2020 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.