Establishes penalty for employers that fail to enroll eligible employees in DCRP.
This bill establishes a penalty for employers that fail to enroll eligible employees in the Defined Contribution Retirement Program (DCRP). If an employer fails to enroll an employee in the DCRP, they will be liable for half of the employee's cost, established by the computation provided in subsection a. of section 3 of P.L.2007, c.92 (C.43:15C-3). The amount will be included in the next budget subsequent to the certification of the special liability by the retirement program.
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