Establishes a loan program within the Defined Contribution Retirement Plan for New Jersey employees.
The bill establishes a loan program within the Defined Contribution Retirement Plan, allowing participants to take loans without it being considered a withdrawal or distribution. Employers must contribute 3% of an employee's base salary, and employees can contribute up to 5.5% of their base salary. The Defined Contribution Retirement Program Board will set criteria for loan eligibility, amounts, intervals, interest rates, and repayment schedules.
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