Download 401K-NJSBCA vs NJ Secure Choice PDF
Download Full 401K-How it Works – NJSBCA PDF

Transamerica NJSBCA Program

Control: New Jersey School Bus Contractors Association
Types of Employers: Employers of the NJSBCA
Type of Plan: 401(k)
Employee Contribution Limits: $19,500
Catch Up Contribution: $6,500
Auto Enrollment: Optional
Employer Contributions Allowed: Yes
Loans Allowed: Yes, optional
Hardship Withdrawals Allowed: Yes, optional
Eligibility Requirements: Set by plan; may exclude part time employees
Administrative Duties:
TAG Resources 3(16) Plan Administrator, Included:

  1. Form 5500 Filing
  2. Non-Discrimination Testing
  3. Investment of plan contributions
  4. Tracking contribution limits
  5. Tracking catch-up contributions
  6. Required communications
  7. Approvals and denials of hardship requests
  8. Distribution processing
  9. Monitoring of pending legislative actions
  10. Merger and acquisition support

Plan Design: Determined by NJSBCA
Investments: Multiple 3(38) investment managers; participant direction

NJ Secure Choice Savings Program

Control:NJ Secure Choice Savings Board
Types of Employers:All New Jersey employers with 25 or more employees in the past calendar year, been in business at least 2 years, and currently do not offer a plan. Voluntary for employers with fewer than 25.  Applies to all profit and nonprofit entities; excludes governmental entities.
Type of Plan:IRA
Employee Contribution Limits:$6,000
Catch Up Contribution:$1,000
Auto Enrollment:Required 3%; ability to opt out
Employer Contributions Allowed:No
Loans Allowed:No
Hardship Withdrawals Allowed:No
Eligibility Requirements: All W2 employees; including part time.
Administrative Duties:

  1. Submit employee census to New Jersey Secure Choice program annually
  2. Track eligibility
  3. Provide enrollment packets to all employees 30 days after date of hire
  4. Track employee opt-in or opt-out
  5. Auto enroll at 3%; repeat annually
  6. Open enrollment every 2 years
  7. Track and auto-enroll employees not participating for at least 1 year

Penalties apply for non-compliance; no Form 5500 or non-discrimination testing required

Plan Design:Determined by State of New Jersey
Investments:Selected and run by New Jersey State Treasurer; directed by the board


Njsbca 401(K) Retirement Plan Exchange

How It Works

Easy To Administer

  • TAG Resources employees are ERISA trained
  • TAG Resources employs and retains top ERISA attorneys
  • Exclusive Bedrock software platform developed by TAG Resources

Client Benefits

  • Takes pressure off your administrative resources
  • Allows you to use those resources elsewhere
  • Provides access to service providers with ERISA and investment expenses
  • A retirement department similar to large companies

Fiduciary Protection

  • Effective ERISA-compliant administration
  • TAG Resources is 3(16) Administrative Fiduciary
  • TAG Resources is 402(a) Named Fiduciary
  • TAG Resources hires the 3(38) Investment Fiduciary
  • All backed by fiduciary insurance

Client Benefits

  • Reduces liability
  • Eliminates investment selection responsibility
  • Reduces fear of lawsuits
  • High level of protection


  • Effective ERISA-compliant administration
  • Knowledge of DOL
  • Centralized data at TAG Resources
  • Bedrock technology

Client Benefits

  • TAG Resources assumes responsibility for plan compliance with DOL and IRS regulations
  • Limit exposure to fines and penalties
  • Inquiries and audits handled directly by TAG Resources

Cost Effective

  • Pooled concept
  • Hundreds of businesses aggregated together
  • Negotiate plan cost based on larger, cumulative asset pool
  • Institutionally-priced investments typically only available to the largest institutions

Client Benefits

  • Lower direct plan cost
  • More services for the cost
  • Your plan has large plan features
  • Repurpose resources
  • Lower cost can lead to better participant outcomes

See full PDF for more info!