Requires certain boards of education to select minimum number of financial institutions or pension management organizations to provide tax sheltered annuity plans.

This bill requires school districts in New Jersey that offer 403(b) retirement plans (tax-sheltered annuity plans) to select a minimum of six financial institutions or pension managers to provide investment options for employees. School districts with fewer than 1,000 students may select fewer providers, but must still ensure employees have sufficient investment choices, including annuity contracts and custodial accounts, plus self-directed options. The selection process must be negotiated with employee unions, and participating institutions must provide detailed fee and investment data in electronic format. The bill clarifies that school districts and unions are not liable for investment losses or underperformance.