NJ S5032

Department of the Treasury must establish a low-cost individualized financial advisory services program for participants in the New Jersey State Employees Deferred Compensation Plan

A qualified vendor will be contracted to provide services, receiving a base annual administrative fee from the department plus additional fees paid by participating employees, shared proportionately based on asset value with a global cap

The selected vendor must act as a fiduciary under the prudent person standard and cannot receive commissions or other benefits from recommendations made to participants

Advisory services must include general advice on financial and investment products outside the plan and strategies for achieving reasonable replacement income in retirement using pensions, Social Security, and savings

After five years, the Treasury Department may expand the program to all eligible state employees, requiring a legislative appropriation from the General Fund to cover expansion costs