New Jersey Statutes 43:23-3. Definitions relative to a New Jersey Small Business Retirement Marketplace
Terms Used In New Jersey Statutes 43:23-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Approved plans” means retirement plans offered by private sector financial services firms that meet the requirements of this act to participate in the marketplace.
“Balanced fund” means a mutual fund that has an investment mandate to balance its portfolio holdings and generally includes a mix of stocks and bonds in varying proportions according to the fund’s investment outlook.
“Eligible employer” means a person, firm, corporation, partnership, or sole proprietor, or any other employer that is actively engaged in business with fewer than 100 qualified employees at the time of enrollment, and a majority of which employees are employed in New Jersey.
“Enrollee” means any employee who is voluntarily enrolled in an approved plan offered by an eligible employer through the marketplace.
“myRA” means the myRA retirement program administered by the United States Department of the Treasury that is available to all employers and employees with no fees or no minimum contribution requirements. “myRA” is a Roth IRA option, and investments in these accounts are backed by the United States Department of the Treasury.
“New Jersey Small Business Retirement Marketplace” or “marketplace” means the retirement savings program created to connect eligible employers and their employees with approved plans to increase retirement savings.
“Participating employer” means any eligible employer with employees enrolled in an approved plan offered through the New Jersey Small Business Retirement Marketplace who chooses to participate in the marketplace and offers approved plans to employees for voluntary enrollment.
“Private sector financial services firms” or “financial services firms” means persons or entities licensed or holding a certificate of authority or authorized to do business in the State, in good standing by the Department of Banking and Insurance and the Bureau of Securities in the Division of Consumer Affairs in the Department of Law and Public Safety, and meeting all federal laws and regulations to offer retirement plans.
“Qualified employee” means those workers who are defined by the federal Internal Revenue Service to be eligible to participate in a specific qualified plan.
“Target date or other similar fund” means a mutual fund that automatically resets the asset mix of stocks, bonds, cash equivalents, and other investments in its portfolio according to a selected time frame that is appropriate for a particular investor and is structured to address a projected retirement date.
L.2015, c.298, s.3.