There is established in, but not of, the Division of Pensions and Benefits in the
Department of the Treasury the Defined Contribution Retirement Program Board, that
shall consist of the Director of the Division of Pensions and Benefits or a designee;
the Director of the Division of Investment or a designee; the Commissioner of the
Department of Banking and Insurance or a designee; the Director of the Office of
Management and Budget or a designee; and a person appointed by the Director of the
Division of Pensions and Benefits who is an active participant or retiree of the Defined
Contribution Retirement Program.
In order to expedite implementation of the Defined Contribution Retirement Program,
the current third party administrator for the New Jersey State Employees Deferred
Compensation Program selected through a competitive bidding process may be utilized
as the initial provider for a period not to exceed the term of the contract in effect
on the effective date of this section of P.L.2007, c. 92 (C.43:15C-4) including extensions, to administer this program. Subsequent to the initial contract, the Defined Contribution Retirement Program
Board shall select through a competitive bidding process a provider licensed or otherwise
authorized to transact business in New Jersey. This provider shall be selected by competitive bidding in accordance with all applicable
State laws and regulations.
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