S 2927
Requires certain boards of education to select minimum number of financial institutions or pension management organizations to provide tax sheltered annuity plans.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill requires New Jersey school districts that offer 403(b) retirement plans to select at least six financial institutions or pension management organizations to provide investment services. Districts with fewer than 1,000 students may select fewer than six. The selection process must consider employee investment options and be subject to collective bargaining. The bill also outlines requirements for data sharing between the school district and these providers, and clarifies that the school district is not liable for investment losses or poor returns.
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