NJ A5358

Expands employer eligibility requirements from businesses with 25+ employees to those with at least one employee, requiring all qualifying employers to enroll workers in the state retirement savings program

Changes employee enrollment from automatic opt-out to standard enrollment using a form, with default contribution starting at 3% of wages and increasing by 1% annually up to a maximum of 10%

Revises administrative fee structure from 0.6% of total fund balance to $26 per account plus 0.25% of each enrollee's account balance

Authorizes the program to share data with the Department of Labor, Division of Taxation, and other state agencies to verify employer compliance and facilitate enrollment

Establishes penalties for non-compliant employers: written warning for first year, $100 fine for second year, $250 per unenrolled employee for years three and four, and $500 per unenrolled employee for year five and beyond