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 New Jersey school districts offering a tax-sheltered annuity plan (a retirement savings plan for school employees) to select a minimum of six financial institutions or pension management organizations to provide investment options. Smaller districts with fewer than 1,000 students may select fewer than six, but must still ensure employees have sufficient investment choices and self-directed options. The selection process must be negotiated with employee unions, and chosen providers must disclose all fees and investment data electronically. The bill clarifies that school boards and unions are not liable for investment losses or underperformance.