43:23-18 New Jersey Secure Choice Savings Board.

6. There is established in, but not of, the Department of the Treasury the New Jersey Secure Choice Savings Board.

a. The board shall consist of the following members:

(1) the State Treasurer, or the State Treasurer's designee, who shall serve as chair;

(2) the State Comptroller, or the State Comptroller's designee;

(3) the Director of the Office of Management and Budget, or the director's designee;

(4) two representatives of the general public with expertise in retirement savings plan administration or investment, or both, of which one representative shall be appointed by the Governor upon the recommendation of the Speaker of the General Assembly and one representative appointed by the Governor upon the recommendation of the Senate President, with both appointments being made in consultation with organizations representing business, including organizations representing businesses or professionals in the securities and investment industries;

(5) a representative of a business trade association, appointed by the Governor; and

(6) a representative of enrollees, appointed by the Governor.

b. Members of the board shall serve without compensation.

c. The initial terms of the appointees shall be as follows: the public representative recommended by the Senate President, for four years; the public representative recommended by the Speaker of the General Assembly, for two years; the representative of a business trade organization, for three years; and the representative of enrollees for one year. Thereafter, all of the appointees shall be for terms of four years.

d. A vacancy in the term of an appointed board member shall be filled for the balance of the unexpired term in the same manner as the original appointment.

e. Each appointment by the Governor not appointed upon the recommendation of the Senate President or the Speaker of the General Assembly shall be subject to the advice and consent of the Senate. In case of a vacancy during a recess of the Senate, the Governor shall make a temporary appointment until the next meeting of the Senate, at which time the Governor shall appoint a person to fill the office.

f. Each board member, prior to assuming office, shall take an oath that the member will diligently and honestly administer the affairs of the board and that the member will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the program. The oath shall be certified by the officer before whom it is taken and immediately filed with the Secretary of State.

L.2019, c.56, s.6.