a. The board shall annually submit to the Governor and the department, and to the
Legislature pursuant to section 2 of P.L.1991, c. 164 (C.52:14-19.1):
(1) an audited financial report, prepared in accordance with generally accepted accounting
principles, on the operations of the program for each calendar year, to be submitted
no later than July 1 of the following year; and
(2) a report prepared by the board, including, but not limited to, a summary of the
benefits provided by the program, the number of enrollees in the program, the percentage
and amounts of investment options and rates of return, fees paid to any vendors or
contractors for purposes of implementing or operating the program, and other information
that is relevant to make a full, fair, and effective disclosure of the operations
of the program and the fund.
The annual audit shall be made by an independent certified public accountant and shall
include, but is not limited to, direct and indirect costs attributable to the use
of outside consultants, independent contractors, and any other persons who are not
State employees for the administration of the program.
The department shall make available to the public on its Internet website all reports
provided to the department pursuant to this subsection.
b. In addition to any other statements or reports required by law, the board shall
provide periodic reports at least annually to participating employers, reporting the
names of each enrollee employed by the participating employer and the amounts of contributions
made through the participating employer on behalf of each employee pursuant to automatic
payroll deductions and contributions during the reporting period, as well as to enrollees,
reporting contributions and investment income allocated to, withdrawals from, and
balances in their program accounts for the reporting period. The reports may include any other information regarding the program as the board
determines is appropriate.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.