The New Jersey Department of the Treasury issued a request for information for financial services firms to offer investment options for the Small Business Retirement Marketplace, a retirement savings program created by a 2016 law to encourage greater retirement savings for employees of small businesses with fewer than 100 employees.
"The purpose of this RFI is to determine the potential field of qualified vendors as well as refining the requirements related to this project," said the RFI posted on the Treasury Department website.
Selected firms cannot charge an administrative fee and cannot charge participants more than 100 basis points in total annual fees, according to the RFI.
The Small Business Retirement Marketplace "was established to address the retirement savings gap by removing barriers to entry into the retirement market for small businesses," the RFI said. The state will maintain "all oversight and final approval of any decisions affecting" the program. Participation in the marketplace by employers and employees is voluntary.
Responses are due Jan. 26. Further information on any hiring decisions was not provided. Officials at the treasury department could not be reached for additional information.
