NJ S4554

Authorizes municipalities, counties, and the State of New Jersey to implement automatic enrollment in deferred compensation plans (457(b) plans) for their employees, with employees able to opt out or choose a different contribution percentage

Requires employers adopting automatic enrollment to establish a default deferral percentage, provide notice to employees, and designate a default investment option for those who do not make an affirmative investment election

Permits periodic escalation of deferral percentages and default reenrollment of non-participating employees or those contributing below the default percentage

Mandates that employers with union-represented employees must negotiate automatic enrollment terms, default contribution percentages, and default investments with the majority representative union

Specifies that absent a negotiated agreement with a union, represented employees must affirmatively elect to participate rather than being automatically enrolled