SENATE LABOR COMMITTEE

STATEMENT TO

SENATE, No. 1841

STATE OF NEW JERSEY

DATED: MARCH 2, 2026

      The Senate Labor Committee reports favorably Senate Bill No. 1841.

      The bill creates the "New Jersey Workplace Skills Savings Program", enabling workers to make annual investments in job training and makes a $25 million appropriation.

      Under the bill, residents or employees of businesses in the State will be able to set up an individual savings account which can be used to pay for job training, license fees, or other career development activities.  Enrollees can deposit up to $1,000 in any calendar year in the account, and the State will match contributions on a dollar-for-dollar basis.  The Department of Labor and Workforce Development will administer the program and the Department of the Treasury will manage financial responsibilities related to the trust fund and associated individual savings accounts.

      The department will produce an annual financial report and summary of the benefits supplied under the program to provide the status of key measurement metrics related to the program.

      The bill appropriates $25 million to effectuate the provisions of the bill, including the provision of matching funds. 

      This bill was prefiled for introduction in the 2026-2027 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.