Establishes penalty for employers that fail to enroll eligible employees in DCRP.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a financial penalty for New Jersey employers who do not enroll their eligible employees in the state’s Direct Connect Retirement Program (DCRP). The program aims to encourage private retirement savings. Employers who fail to properly enroll employees will be subject to a monetary penalty, designed to ensure broader participation in the DCRP. This legislation seeks to increase retirement security for New Jersey workers.
Key provisions
- Establishes a penalty for employers who do not enroll eligible employees in DCRP.
- Defines ‘eligible employee’ for purposes of the penalty.
- Specifies the amount of the penalty employers may be assessed.
- Outlines the process for employers to demonstrate compliance.
- Requires the Department of Banking, Insurance, and Securities to administer the penalty program.
- Provides for the use of penalty revenue.
Who is affected
- New Jersey Employers
- Eligible Employees in New Jersey
- Department of Banking, Insurance, and Securities
Notable changes
- Creates a new mechanism for ensuring employee participation in the DCRP.
- Introduces a financial incentive for employers to comply with enrollment requirements.
Fiscal impact
The bill may result in revenue for the state through the collection of employer penalties, which will be deposited into the DCRP fund.
Bill text
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Sponsors
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1 on record
Primary sponsor
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