New Jersey § 43:23-5

§ 43:23-5.

a. The State Treasurer, or the Treasurer's designee, shall design and implement a

plan for the operation of the marketplace pursuant to the provisions of this act. Thereafter, the State Treasurer, or the Treasurer's designee, shall facilitate the

connections between eligible employers and approved plans included in the marketplace. b. The State Treasurer, or the Treasurer's designee, shall consult with the Director

of Investment of the Department of the Treasury, or the director's designee; the

Commissioner of Banking and Insurance, or the commissioner's designee; the Commissioner

of Labor and Workforce Development, or the commissioner's designee; the Chairperson

of the State Investment Council, or the chairperson's designee; the Director of the

Division of Pensions and Benefits, or the director's designee; and the Chief Executive

Officer of the New Jersey Economic Development Authority, or the chief executive officer's

designee, in designing and managing the marketplace. c. The State Treasurer, or the Treasurer's designee, shall approve private sector

financial services firms as defined in section 3 of this act 1 for participation in the marketplace. The State Treasurer, or the Treasurer's designee, shall ensure that the range of

investment options offered by the financial services firms is sufficient to meet the

needs of investors with various levels of risk tolerance and various ages. d. The State Treasurer, or the Treasurer's designee, shall approve a diverse array

of private retirement plan options that are available to employers on a voluntary

basis, including life insurance plans that are designed for retirement purposes, and

at least two types of plans for eligible employer participation, including: (1) a SIMPLE IRA type plan that provides for employer contributions to participating

enrollee accounts; and (2) a payroll deduction individual retirement account type plan or workplace-based

individual retirement accounts open to all workers in which the employer does not

contribute to the employees' account. e. Prior to approving a plan to be offered on the marketplace, the State Treasurer,

or the Treasurer's designee, shall obtain certification from 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 that the financial services firm providing

the plan is in good standing with the department and the bureau and shall ensure that

the plan meets the requirements of this act. The State Treasurer, or the Treasurer's designee, may at any time remove any approved

plan from the marketplace that no longer meets the requirements of this act. f. The financial services firms participating in the marketplace shall offer a minimum

of two product options, including: (1) a target date or other similar fund, with asset allocations and maturities designed

to coincide with the expected date of retirement; and (2) a balanced fund. The marketplace shall offer myRA in addition to any other approved plan. g. The marketplace shall not operate unless there are at least two financial services

firms offering approved plans on the marketplace; however, nothing in this section

shall be construed as to limit the number of financial services firms with approved

plans participating in the marketplace. h. The State Treasurer, or the Treasurer's designee, shall ensure that approved plans

are compliant with any federal law or regulation regarding Internal Revenue Service

approved retirement plans. i. Approved plans shall include the option for enrollees to roll pretax contributions

into a different individual retirement account or another eligible retirement plan

after ceasing participation in a plan approved by the marketplace. j. Financial services firms selected by the State Treasurer, or the Treasurer's designee,

to offer approved plans on the marketplace shall not charge the participating employer

an administrative fee or surcharge and shall not charge enrollees more than 100 basis

points in total annual fees and shall provide information about their product's historical

investment performance. k. Participation in the marketplace is voluntary for both eligible employers and qualified

employees, and enrollment in any approved plan offered in the marketplace is not an

entitlement. l . The State Treasurer, or the Treasurer's designee, shall establish protocol to address

rollovers for eligible employers that have workers in other states, and to address

whether out-of-State employees with existing IRAs may roll them into the plans offered

through the marketplace. m. The State Treasurer, or the Treasurer's designee, may establish a fee system that

charges financial services firms that participate in the marketplace in order to cover

the startup and annual administrative expenses of the State Treasurer, or the Treasurer's

designee, in the performance of its duties under this act. 1

N.J.S.A. § 43:23-3.