2020 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.
