Requires boards of education to select a minimum number of financial institutions or pension management organizations to provide tax sheltered.

New Jersey S2927 mandates that boards of education select a minimum of six financial institutions or pension management organizations to provide investment services for 403(b) plans, also known as tax-sheltered annuity plans. These organizations must offer employees sufficient investment options, including annuity contracts, custodial accounts, and self-directed investment options. The selection process is a mandatory subject of collective negotiations between the board of education and the applicable collective bargaining unit.

Requires boards of education to select a minimum number of financial institutions or pension management organizations to provide tax sheltered.

New Jersey S2927 mandates that boards of education select a minimum of six financial institutions or pension management organizations to provide investment services for 403(b) plans, also known as tax-sheltered annuity plans. These organizations must offer employees sufficient investment options, including annuity contracts, custodial accounts, and self-directed investment options. The selection process is a mandatory subject of collective negotiations between the board of education and the applicable collective bargaining unit.