43:23-16 Special fund outside of General Fund.
194 words·~1 min read·
/nj/title-43/chapter-23/43-23-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. a. The New Jersey Secure Choice Savings Program Fund is established as a special fund outside of the General Fund, separate and apart from all public moneys or funds of this State, with the board established pursuant to section 6 of this act as its trustee. The fund shall include the individual retirement accounts of enrollees, which shall be accounted for as individual accounts. Moneys in the fund shall consist of moneys received from enrollees directly and through participating employers pursuant to automatic payroll deductions and contributions to savings made pursuant this act.
The fund shall be operated in a manner determined by the board, provided that the fund is operated so that the accounts of enrollees established under the program meet the requirements for IRAs under the Internal Revenue Code.
b. The amounts deposited in the fund shall not constitute property of the State and the fund shall not be construed to be a department, institution, or agency of the State. Amounts on deposit in the fund shall not be commingled with State funds and the State shall have no claim to or against, or interest in, such funds.
L.2019, c.56, s.4.