New Jersey § 43:23-3

§ 43:23-3.

As used in this act: “ Approved plans ” means retirement plans offered by private sector financial services firms that meet

the requirements of this act to participate in the marketplace. “ Balanced fund ” means a mutual fund that has an investment mandate to balance its portfolio holdings

and generally includes a mix of stocks and bonds in varying proportions according

to the fund's investment outlook. “ Eligible employer ” means a person, firm, corporation, partnership, or sole proprietor, or any other

employer that is actively engaged in business with fewer than 100 qualified employees

at the time of enrollment, and a majority of which employees are employed in New Jersey. “ Enrollee ” means any employee who is voluntarily enrolled in an approved plan offered by an

eligible employer through the marketplace. “ myRA ” means the myRA retirement program administered by the United States Department of

the Treasury that is available to all employers and employees with no fees or no minimum

contribution requirements. “myRA” is a Roth IRA option, and investments in these accounts are backed by the

United States Department of the Treasury. “ New Jersey Small Business Retirement Marketplace ” or “ marketplace ” means the retirement savings program created to connect eligible employers and their

employees with approved plans to increase retirement savings. “ Participating employer ” means any eligible employer with employees enrolled in an approved plan offered

through the New Jersey Small Business Retirement Marketplace who chooses to participate

in the marketplace and offers approved plans to employees for voluntary enrollment. “ Private sector financial services firms ” or “ financial services firms ” means persons or entities licensed or holding a certificate of authority or authorized

to do business in the State, in good standing by the Department of Banking and Insurance

and the Bureau of Securities in the Division of Consumer Affairs in the Department

of Law and Public Safety, and meeting all federal laws and regulations to offer retirement

plans. “ Qualified employee ” means those workers who are defined by the federal Internal Revenue Service to be

eligible to participate in a specific qualified plan. “ Target date or other similar fund ” means a mutual fund that automatically resets the asset mix of stocks, bonds, cash

equivalents, and other investments in its portfolio according to a selected time frame

that is appropriate for a particular investor and is structured to address a projected

retirement date.