reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 35 - LOCAL GOVERNMENT ETHICS LAW › Subchapter 1 - PROCEEDINGS › Section 5:35-1.6 - Local ethics boards; advisory opinion conflicts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A municipal or
				county ethics board, established pursuant to the Local Government Ethics Law, which
				has before it a request for an advisory opinion from a local government employee or
				officer regulated by its code of ethics and which is unable to act on the request
				because a majority of the board has a conflict of interest or is otherwise precluded
				by ethical considerations from rendering an advisory opinion, shall request the
				Local Finance Board to assume original jurisdiction.
(b) The procedures, to the extent applicable,
				contained in 5:35-1.5 shall be followed for making
				the request and for determining whether the Board will assume jurisdiction or direct
				the county or municipal ethics board to consider the advisory opinion. If the Board
				assumes jurisdiction of the matter, the Board will only issue an advisory opinion as
				to whether the proposed conduct or action constitutes a violation of the State's
				code of ethics.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 35 - LOCAL GOVERNMENT ETHICS LAW › Subchapter 2 - LOCAL GOVERNMENT OFFICERS › Section 5:35-2.1 - Managerial executives

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Individuals with the
				following titles or responsibilities equivalent to such titles shall be considered
				managerial executives under the definition of "local government officer" set forth
				in N.J.S.A.
				40A:9-22.3(g):
1. Chief of Staff;
2. Business administrator;
3. Municipal or county manager;
4. Chief financial officer;
5. Treasurer;
6. Municipal clerk or clerk of governing
				body;
7. Department heads, including
				executive directors, division directors, deputy directors, and assistant
				directors;
8. Chief or acting chief of
				police, part-paid fire departments, and paid fire departments, or "officer in
				charge" in lieu of a chief or acting chief title;
9. Deputy chiefs and assistant chiefs of police,
				part-paid fire departments, and paid fire departments;
10. Chief or acting chief of a beach
				patrol;
11. Municipal and county
				engineer;
12. Health officer;
13. Municipal attorney and county
				counsel;
14. Planning board or zoning
				board of adjustment attorney;
15.
				Planning board or zoning board of adjustment engineer;
16. Local government agency attorney;
17. Local government agency engineer;
18. Municipal and county emergency management
				coordinators;
19. Trustees on a library
				board of trustees;
20. Municipal
				prosecutor;
21. County
				prosecutors;
22. County agriculture
				board members;
23. County college board
				of trustees;
24. Board of recreation
				commissioners;
25. Local ethics board
				members;
26. Rent leveling board
				members;
27. Special taxing district
				executive director/director and its commissioners;
28. Joint insurance fund executive
				director/director and its commissioners;
29. Local pension board commissioners;
30. Tax collector;
31. Qualified purchasing agent;
32. Construction official; and
33. Tax assessor.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 2 - THE DIRECTOR › Section 5:37-2.1 - Approving plans and service agreements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director shall
				approve or reject any deferred compensation plan or service agreement or amendment
				thereto prior to its implementation by an employer.
(b) The Director shall approve or reject a
				self-administered plan or prototypical plan or service agreement or any amendment
				thereto within 20 working days of receipt of a complete application package. The
				Director shall explain in writing, the reasons for rejection. Any modifications
				required by the Director shall be made within 60 days from the time of notification.
				Failure to submit the modifications within the time provided shall result in the
				plan being disapproved.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 2 - THE DIRECTOR › Section 5:37-2.2 - Review investments

Current through Register Vol. 56, No. 14, July 15, 2024
Any investments made pursuant to an approved deferred
				  compensation plan are subject to review by the Director. With the exception of
				  investments made by domestic insurance companies licensed to sell life insurance and
				  annuities in this State and subject to review by the Commissioner of the Department
				  of Insurance pursuant to Chapter 20 of Title 17B of the New Jersey Statutes, the
				  Director may review and reject any such investment. In making such determinations,
				  the Director shall utilize the standards applicable to the prudent investor as
				  provided in Section 13 of P.L. 1981, c.405 (N.J.S.A. 3B:20-13 ).
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 3 - DEFERRED COMPENSATION PLAN › Section 5:37-3.1 - Prototypical plans and service agreements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A contractor shall
				submit to the Director for approval a prototypical plan or service agreement and any
				amendment thereto to be made available to employers. The plan and service agreement
				shall contain, but not be limited to, the policies and procedures to be used in
				operating a deferred compensation plan as set forth in these rules.
(b) The Director shall assign a separate
				identifier to each approved prototypical plan and service agreement and any
				amendment thereto. This identifier shall appear in a prominent position on each plan
				and agreement offered to an employer.
(c) The approval of a prototypical plan or a
				service agreement by the Director shall not constitute an endorsement of the plan or
				service agreement.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 3 - DEFERRED COMPENSATION PLAN › Section 5:37-3.2 - Self-administered plan

Current through Register Vol. 56, No. 14, July 15, 2024
The employer may prepare and administer a deferred compensation
				  plan. The plan shall contain, but not be limited to, the policies and procedures to
				  be used in operating a deferred compensation plan as set forth in these rules. Such
				  a plan may be prepared in consultation with representatives of the potential
				  participants.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 3 - DEFERRED COMPENSATION PLAN › Section 5:37-3.3 - Uniform system of accounting

Current through Register Vol. 56, No. 14, July 15, 2024
The plan shall provide for a uniform system of accounting for
				  each participant and for the investment of the deferred compensation funds.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 3 - DEFERRED COMPENSATION PLAN › Section 5:37-3.4 - Certification of Internal Revenue Service compliance

Current through Register Vol. 56, No. 14, July 15, 2024
The resolution of an employer adopting a self-administered plan
				  or a prototypical plan shall certify that an application has been filed with the
				  Internal Revenue Service for a private letter ruling that the plan meets the
				  requirements of Section 457 of the Internal Revenue Code, as amended, and that such
				  ruling will be forwarded to the Director when received.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 3 - DEFERRED COMPENSATION PLAN › Section 5:37-3.5 - Alternative certification of Internal Revenue Service compliance

Current through Register Vol. 56, No. 14, July 15, 2024
As an alternative to the Internal Revenue Service private letter
				  ruling required pursuant to
				  5:37-3.4, the resolution of an employer
				  adopting a prototypical plan shall certify that the employer is adopting a plan
				  substantially similar to one on which a satisfactory Internal Revenue Service
				  private letter ruling has been obtained, except for provisions added by reason of
				  the Small Business Job Protection Act of 1996 (United States Public Law No.
				  104-188), the Taxpayer Relief Act of 2001 (United States Public Law No. 105-34), and
				  the Economic Growth and Tax Relief Reconciliation Act of 2001 (United States Public
				  Law No. 107-16), and that all such provisions are stated in the plan in terms
				  substantially similar to the text of those provisions in the Internal Revenue Code
				  §457. The certification shall also indicate the use of the ruling is for
				  guidance only and the realization that for Internal Revenue Service purposes, the
				  ruling of another employer is not to be considered precedent.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 4 - AMENDMENTS OF PLAN › Section 5:37-4.1 - Reasons for amendment

Current through Register Vol. 56, No. 14, July 15, 2024
The employer may amend the plan to accommodate changes in the
				  Internal Revenue Code, Federal statutes, State laws or rules or operational
				  experience.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 4 - AMENDMENTS OF PLAN › Section 5:37-4.2 - Notification of amendment

Current through Register Vol. 56, No. 14, July 15, 2024
The employer shall notify all participants in writing prior to
				  making any amendment to the plan. The notice shall state that an amendment will be
				  made, what the amendment will be, why the plan is being amended, and what the
				  impact, if any, will be on the participants. The participants shall have the right
				  to modify the joinder agreement to reduce or eliminate any adverse impact on their
				  accounts.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 4 - AMENDMENTS OF PLAN › Section 5:37-4.3 - Plan amendment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any amendment to a
				deferred compensation plan whether or not it is necessary to maintain the plan as an
				eligible deferred compensation plan within the meaning of the Internal Revenue Code
				shall be submitted for review and approval by the Director prior to
				implementation.
(b) The documentation
				submitted to the Director shall identify the regulatory authority for the amendment
				and the specific language of the change.
(c) The employer shall adopt the amendment by
				resolution of the governing body. A certified copy of the resolution shall be
				forwarded to the Director.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.1 - Institution of plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The employer shall
				decide whether to institute a deferred compensation plan for its
				employees.
(b) An employer may at its
				option exclude certain classes or types of employees from participation in the plan.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.2 - Plan and service agreement adoption

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The employer shall
				adopt a self-administered plan by resolution. A certified copy of the resolution
				shall be forwarded to the Director. The resolution shall include, but shall not be
				limited to:
1. Formal adoption of the plan;
				and
2. Identification of a plan manager
				pursuant to 5:37-5.4.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.4 - Responsible for administration

Current through Register Vol. 56, No. 14, July 15, 2024
The employer shall ensure the sound and proper administration of
				  the plan, which shall include, but not be limited to, the proper, accurate and
				  adequate accounting and reporting of all funds by appointing a local plan
				  administrator for a prototypical plan or a plan manager for a self-administered plan
				  by resolution.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.5 - Exclusive benefit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For all plans
				adopted on or after August 20, 1996, all moneys deferred and any other assets or
				income of the plan shall be held in trust, or one or more annuity contracts or one
				or more custodial accounts for the exclusive benefit of the participating employers
				and their beneficiaries.
(b) An employer
				with a plan approved prior to August 20, 1996 shall have until January 1, 1999 to
				amend the plan to have all of the moneys deferred and any other assets or income of
				the plan funds held in trust, or one or more annuity contracts or one or more
				custodial accounts for the exclusive benefit of the participating employees and
				their beneficiaries. Until the plan is amended, the moneys deferred shall be subject
				to the employer's general creditors.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.6 - Conflict of interest

Current through Register Vol. 56, No. 14, July 15, 2024
In undertaking any activities related to the establishment or
				  administration of a deferred compensation plan, including but not limited to, any
				  activities related to contracting for the administration of such a plan, local
				  government officers and employees shall be governed by and subject to the
				  requirements of the Local Government Ethics Law,
				  40A:9-22.1 et seq., and any county or
				  municipal code of ethics promulgated pursuant thereto.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.7 - Non-collusion

Current through Register Vol. 56, No. 14, July 15, 2024
There shall be no collusion, or evidence or appearance of
				  collusion, between any official or employee of the employer and any official or
				  employee or representative of the contractor, vendor, insurance company, bank,
				  consultant, brokerage firm, or any other profit making or non-profit firm in
				  solicitation or award of a service agreement with the employer. The employer shall
				  so certify to the Director in the resolution implementing each service agreement.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.8 - No personal liability

Current through Register Vol. 56, No. 14, July 15, 2024
The employer or contractor shall not be held personally liable
				  for any returns on investment of plan funds which are less than any participant or
				  group of participants expected. The employer shall require a hold harmless provision
				  in service agreements with contractors which includes an indemnification of the
				  employer from any cause of action, together with the reasonable costs of litigation
				  from acts or omissions by the contractor.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.9 - Administrative expenses

Current through Register Vol. 56, No. 14, July 15, 2024
The employer may charge the plan fund for reasonable
				  administrative expenses in an amount agreed upon between the employer and the
				  employees.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 5 - THE EMPLOYER › Section 5:37-5.11 - Terminated plan or service agreement

Current through Register Vol. 56, No. 14, July 15, 2024
When an employer terminates a plan or a service agreement with a
				  contractor or plan, such action shall be by resolution. The resolution shall include
				  the name of the contractor and the plan or service agreement identifier. A copy of
				  the resolution shall be filed with the Director.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER › Section 5:37-6.1 - Responsibilities of the local plan administrator

Current through Register Vol. 56, No. 14, July 15, 2024
The local plan administrator for a prototypical plan shall have
				  responsibility for employee deductions, and the transfer of deferred funds to the
				  contractor for investment.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER › Section 5:37-6.2 - Responsibilities of the plan manager

Current through Register Vol. 56, No. 14, July 15, 2024
The plan manager for a self-administered plan shall have the
				  responsibility for all functions of the plan, including, but not limited to,
				  employee enrollment, deductions, and the transfer of deferred funds to the
				  contractor for investment, accounting, reporting, and distribution of
				  compensation.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER › Section 5:37-6.3 - Bonding and evidence of insurance-self-administered plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The plan manager of
				a self-administered plan shall post a bond obtained from an organization duly
				authorized and licensed to provide such bond in the State of New Jersey, to protect
				the plan and the employer from any loss resulting from fraud or dishonesty. Evidence
				of such bond or ability to obtain such bond shall be provided to the employer and to
				the Director.
(b) The amount of the bond
				shall not be less than 100 percent of the amount of funds managed by the plan
				manager.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER › Section 5:37-6.4 - Document retention

Current through Register Vol. 56, No. 14, July 15, 2024
The local plan administrator or plan manager shall retain in a
				  safe place the original policies, contracts or other legal documents executed by the
				  employer and the contractor. Such documents shall be retained in accordance with the
				  State of New Jersey record retention requirements as found in N.J.A.C. 15:3.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER › Section 5:37-6.5 - Quarterly report-self-administered plan

Current through Register Vol. 56, No. 14, July 15, 2024
The plan manager shall make available at least quarterly a report
				  to each participant which shall indicate the value or balance of each participant's
				  account, as well as the value or balance of the entire plan. This report shall
				  indicate for each participant the balance of the participant's account as of the
				  last accounting date, the amount of compensation deferred and any return on
				  investment credited to the participant's account since the last report or accounting
				  date.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER › Section 5:37-6.6 - Credit to accounts-self-administered plan

Current through Register Vol. 56, No. 14, July 15, 2024
The plan manager shall credit to the plan and to each
				  participant's account the return or loss on investment no less than once per month,
				  except for annuity programs.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.1 - Award of service agreements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In seeking a
				contractor, the employer, notwithstanding the existence of one or more service
				agreements with other contractors, shall solicit written proposals from two or more
				contractors offering prototypical plans or service agreements. After reviewing the
				proposals, a service agreement shall be awarded by resolution of the governing body.
				The resolution shall include a written description of the method used to solicit
				proposals, identify the responding vendors and state the rationale for selecting a
				specific contractor.
(b) The term of the
				service agreement shall be determined by the employer and the contractor.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.2 - Ban on solicitation prior to award of contract

Current through Register Vol. 56, No. 14, July 15, 2024
An organization seeking a contract shall not solicit employee
				  participation in any deferred compensation plan or solicit employees to support the
				  efforts of the organization to secure such a contract. A representative of an
				  organization under contract shall not communicate with any prospective participant
				  without the expressed consent and knowledge of the employer.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.3 - Insurance companies

Current through Register Vol. 56, No. 14, July 15, 2024
An insurance company offering deferred compensation plans or
				  investment options to local governments shall be authorized by the Commissioner of
				  Insurance to do business in the State of New Jersey.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.4 - Mutual fund companies

Current through Register Vol. 56, No. 14, July 15, 2024
An entity offering a mutual fund or other type of security as
				  part of a deferred compensation plan shall be registered with the Security and
				  Exchange Commission and shall submit to the Director a copy of a "Certification of
				  Good Standing" from the New Jersey Secretary of State.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.5 - Non-profit corporations

Current through Register Vol. 56, No. 14, July 15, 2024
A non-profit, tax-exempt corporation offering deferred
				  compensation plans to local governments shall provide to the Director a copy of
				  their Internal Revenue Service tax exemption certification.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.6 - Banking institutions

Current through Register Vol. 56, No. 14, July 15, 2024
A banking institution serving as a depository for local
				  government controlled program funds or offering deferred compensation plans to local
				  governments shall be a New Jersey State-chartered bank, savings bank, or savings and
				  loan or Federally-chartered bank, savings bank, or savings and loan located in New
				  Jersey; hereinafter referred to as "banking institution." Such banking institution
				  shall be in compliance with capital requirements for State-chartered banking
				  institutions as set forth in N.J.A.C. 3:4, or capital requirements for
				  Federally-chartered banking institutions as set forth in 12 CFR Part 325.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.7 - Non-discrimination

Current through Register Vol. 56, No. 14, July 15, 2024
An organization, person, company, corporation, partnership, or
				  other entity offering deferred compensation plans to local governments shall be in
				  full compliance with all Federal and State laws regarding discrimination in its
				  employment or investment policies and practices and shall so certify to the
				  Director.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.8 - Contractor disclosure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A potential
				contractor shall fully disclose to the employer in writing at the time a proposal is
				submitted for consideration, any arrangement it may have to pay endorsement fees to
				organizations whose membership includes local public employees of the
				employer.
(b) A potential contractor
				shall disclose to the employer and to the employees the fees charged, the fee and
				commission structure, the investment plan offered, and any other pertinent
				information which the employer may need in evaluating the contractor's fee and
				service.
(c) All service agreements
				shall contain termination clauses with respect to transfers of assets or
				responsibility under the plan.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.9 - Bonding and evidence of insurance-prototypical service agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A contractor who
				provides a prototypical service agreement shall post a bond obtained from an
				organization duly authorized and licensed to provide such bond in the State of New
				Jersey, to protect the plan and the employer from any loss resulting from fraud or
				dishonesty by such contractor. Evidence of such bond or ability to obtain such bond
				if the service agreement is awarded shall be provided to the employer and to the
				Director.
(b) The amount of bond shall
				not be less than 100 percent of the amount of funds managed by such
				contractor.
(c) A contractor providing
				services in accordance with these rules shall provide the employer and Director with
				evidence of appropriate liability insurance and errors and omissions
				insurance.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.10 - Provisions for rule to be part of service agreement

Current through Register Vol. 56, No. 14, July 15, 2024
A service agreement entered into by an employer shall contain a
				  provision that the service agreement is subject to the rules of the Division of
				  Local Government Services and the rules are made a part thereof.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.11 - Responsibilities of the contractor

Current through Register Vol. 56, No. 14, July 15, 2024
The contractor shall be responsible for the proper performance of
				  the duties it has agreed to assume under the terms of its service agreement. Every
				  service agreement made subject to this chapter shall be construed to require, to the
				  extent that a participant's or beneficiary's plan account is comprised of an
				  investment issued or placed by the contractor, the applicable contractor to perform
				  each service necessary to the proper administration of the plan except as expressly
				  provided otherwise by a prototypical plan approved by the Director pursuant to
				  5:37-3.1. Every service agreement made
				  subject to this chapter shall be deemed to incorporate by such reference a provision
				  that the contractor is bound to perform its services required under the service
				  agreement to the same standard of care that would be required of a fiduciary
				  governed by New Jersey law.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.12 - Quarterly report-prototypical plan

Current through Register Vol. 56, No. 14, July 15, 2024
The contractor shall make available, at least quarterly, a report
				  to each participant which shall indicate the value or balance of each participant's
				  account, as well as, the value or balance of the entire plan. This report shall
				  indicate for each participant the balance of the participant's account as of the
				  last accounting date, the amount of compensation deferred and any return on
				  investment credited to the participant's account since the last report or accounting
				  date.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 7 - THE CONTRACTOR › Section 5:37-7.13 - Credit to accounts

Current through Register Vol. 56, No. 14, July 15, 2024
The contractor shall credit to the plan and to each participant's
				  account the return or loss on investment no less than once per month, except for
				  annuity programs.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 8 - ENROLLMENT › Section 5:37-8.1 - Joinder agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An eligible employee
				may enroll in the plan by executing a joinder agreement.
(b) The amount to be deferred shall be specified
				in the joinder agreement. The amount deferred may be changed by the participant with
				prior notice to the local plan administrator or plan manager at times designated by
				the employer.
(c) Once a joinder
				agreement is signed, the participant and beneficiary waive all claims and rights to
				commute, sell, assign, or otherwise use or transfer rights to receive any payments
				under the plan, which payments and rights are expressly declared to be
				non-assignable and non-transferable.
(d)
				The employer and a participant may execute only one joinder agreement for the
				purpose of enrolling in a plan during any one calendar year. The joinder agreement
				expires upon termination of service or a revocation of deferrals.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 9 - INVESTMENT POLICIES › Section 5:37-9.1 - Eligible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The funds deferred
				shall be invested in one or more of the following types of investments to the
				exclusion of all others:
1. Interest bearing
				accounts or securities, in which savings banks of New Jersey are authorized to
				invest their funds;
2. State of New
				Jersey Cash Management Fund;
3.
				Individual or group annuity contracts, whether fixed or variable;
4. Mutual fund shares; or
5. Life insurance contracts, whether fixed or
				variable.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 9 - INVESTMENT POLICIES › Section 5:37-9.2 - Choice of investments

Current through Register Vol. 56, No. 14, July 15, 2024
It shall be at the option of the employer to include in the plan
				  as many of the investment choices identified in
				  5:37-9.1 as deemed prudent.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 9 - INVESTMENT POLICIES › Section 5:37-9.3 - Investment certification

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each January the
				Director shall provide and distribute to contractors providing prototypical plans
				and/or service agreements and to the chief financial officer of any local unit with
				a self-administered plan, a form on which the appropriate party shall certify that
				the investments offered comply with N.J.S.A. 43:15B-3c.
(b) The certification form shall be returned to
				the Director within 30 days from the date of mailing.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 9 - INVESTMENT POLICIES › Section 5:37-9.4 - Timing of investments

Current through Register Vol. 56, No. 14, July 15, 2024
All funds from amounts deferred other than those needed to pay
				  benefits shall be invested by the plan manager or contractor responsible for
				  investments within 72 hours, exclusive of Sundays and holidays, from the time the
				  plan manager or contractor receives the funds or is notified that the funds are
				  available for investment or is in any other manner aware that the amounts deferred
				  have been made and are available for investment.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.1 - Pooling of funds

Current through Register Vol. 56, No. 14, July 15, 2024
Except for individual annuities and life insurance contracts, the
				  plan shall provide for investments in authorized investment options by pooling the
				  amounts deferred. The return on investments shall be apportioned on a prorated basis
				  among all participants in the plan after deductions for reasonable administrative
				  costs.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.3 - Compliance requirement-prototypical plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The contractor shall
				transmit to the employer a summary of financial data in statement form providing a
				full accounting of all plan transactions occurring during the employer's fiscal
				year, including beginning transactions and ending fund balance. The accounting for
				these transactions must reflect the amount and date of each contribution received,
				the beginning fund balance by investment option, earnings or losses incurred,
				administrative charges and fees assessed, any transfers made among funds, all
				deposits and withdrawals, and the ending fund balance, including any and all
				adjustments made to such plan.
(b) At
				the request of the employer, the contractor shall make available details of all
				transactions for each employee. The employer in receipt of this information shall
				retain it in accordance with the State of New Jersey record retention requirements
				as found in N.J.A.C. 15:3.
(c) The
				contractor shall retain the transaction information in accordance with the State of
				New Jersey record retention requirements found in N.J.A.C. 15:3.
(d) The contractor shall furnish annually to the
				Director and to the local plan administrator of each local governmental unit for
				which it serves as contractor, a copy of the contractor's Statement on Standards for
				Attestation Engagements (SSAE) No. 18 SOC 1 Report, as defined by the American
				Institute of Certified Public Accountants (AICPA).
(e) The contractor shall certify to the Director
				that the annual accounting data supplied to the employer is accurate and
				complete.
(f) The independent auditor of
				the employer shall then evaluate the employer payroll records and joinder agreements
				against the information transmitted by the contractor.
(g) The Director may establish disclosure
				requirements to be included in the annual audit of the local government in
				accordance with
				40A:5-4 or
				40A:5A-15.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.4 - Audit of a self-administered plan

Current through Register Vol. 56, No. 14, July 15, 2024
If the plan is self-administered, the employer shall conduct an
				  audit of all plan funds. The audit shall be performed pursuant to
				  40A:5-4 or
				  40A:5A-15. A copy of each audit report
				  shall be transmitted to the Director in accordance with
				  N.J.A.C.
				  5:37-10.2.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.5 - Deferrals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount of
				compensation deferral specified by each participant in the joinder agreement shall
				be deferred by the employer at the end of each pay period. Amounts withheld from the
				employees shall be turned over to the contractor for investment within 72 hours,
				exclusive of Sundays and holidays from the time the funds are withheld from the
				employee.
(b) The amount deferred shall
				not be treated as compensation subject to Federal income tax withholding, but shall
				be treated as compensation subject to withholding for New Jersey Gross Income Tax,
				pensions, social security, insurance, and other fringe benefits, except to the
				extent that applicable law may provide.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.7 - Return to participants

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Plan funds, less
				administrative expenses, including all amounts deferred and any and all return on
				investment of the plan funds shall be credited to the participants' accounts. Such
				credit shall be made in a manner that is prorated in a non-discriminatory manner.
				After the first year of program operation, the contractor or plan manager shall not
				permit the cumulative plan balance to be less than the total cumulative sum of all
				amounts deferred by all participants, or any participant's account to have a balance
				less than the cumulative sum of all the individual participant's deferrals since
				participation in the plan commenced. The only exceptions to this last statement
				shall be:
1. Variable annuities which guarantee
				that during the first three years of fund accumulation a participant will have
				distributed, upon withdrawal from the plan, an amount equal to the amount
				deferred;
2. A variable annuity with no
				such guarantee which is offered as part of a fixed and variable product line;
				and
3. Life insurance
				contracts.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.8 - Participant records confidential

Current through Register Vol. 56, No. 14, July 15, 2024
All records regarding participation, amounts deferred, account
				  balances, withdrawals, and any other information regarding a participant's account
				  shall be held confidential by the local plan administrator, plan manager and the
				  contractor.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 10 - ACCOUNTING PROCEDURES › Section 5:37-10.9 - Plan records

Current through Register Vol. 56, No. 14, July 15, 2024
The local plan administrator, the plan manager and the contractor
				  shall make available upon a written request from a participant or the Director, all
				  records, reports or other information relating to the plan as a whole, including,
				  but not limited to, cash flow analysis, investment reports, audits and quarterly
				  reports.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 11 - ENFORCEMENT › Section 5:37-11.1 - Compliance

Current through Register Vol. 56, No. 14, July 15, 2024
The employer and contractor shall comply with the provisions of
				  this chapter. Any employer or contractor deemed by the Director to be in
				  noncompliance shall be notified by certified mail to appear before the Director, or
				  designee. Notice shall be given at least 14 days prior to the date of the appearance
				  and shall detail the nature of the alleged non-compliance. Failure to appear shall
				  result in appropriate penalties pursuant to
				  5:37-11.4.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 11 - ENFORCEMENT › Section 5:37-11.2 - Director determination

Current through Register Vol. 56, No. 14, July 15, 2024
No later than 10 days after an appearance required by
				  5:37-11.1, the Director shall issue a
				  written determination on the issue of regulatory compliance. A copy of the
				  determination shall be forwarded by certified mail to the employer or contractor, as
				  appropriate.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 11 - ENFORCEMENT › Section 5:37-11.3 - Grace period

Current through Register Vol. 56, No. 14, July 15, 2024
A Director determination of non-compliance shall result in the
				  immediate commencement of a 60 day grace period. During this time, the employer or
				  contractor shall rectify all items of non-compliance to the satisfaction of the
				  Director.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 11 - ENFORCEMENT › Section 5:37-11.4 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
Failure to satisfactorily address non-compliance during the grace
				  period shall result in the immediate ineligibility of a contractor to qualify for
				  Division approval of any additional deferred compensation plans. In addition, the
				  Director may take such other actions as provided for by law.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 12 - PLAN VERIFICATION › Section 5:37-12.1 - Plan list

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each January the
				Director shall prepare and distribute to the appropriate contractor a list of its
				approved local units. The list shall clearly identify local units and the date of
				approval.
(b) The contractor shall have
				30 days from the date of mailing of the list by the Director to confirm in writing
				that the list is accurate.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 38 - JOINT INSURANCE FUNDS › Subchapter 1 - INVESTMENTS › Section 5:38-1.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, as used in this subchapter, shall
				  have the following meanings, unless the context clearly indicates otherwise:
"Cash management plan" means a plan, pursuant to which a joint
				  insurance fund shall deposit and/or invest its funds.
"Fair market value" means the purchase price of a long-term
				  investment purchased in a competitive sale, or a negotiated sale if the government
				  entity issuer and/or guarantor is not a member of the JIF or, in the case of a joint
				  cash management and investment program, the JIFs that compose the JCMI
				  program.
"Government entity" or "governmental entity" means an agency or
				  corporation of the Federal government or a governmental entity established under the
				  laws of the State of New Jersey.
"Guaranty" means the obligation of a governmental entity to raise
				  taxes without limitation as to rate or amount to satisfy repayment on a long-term
				  investment issued by another governmental entity.
"Joint cash management and investment program" or "JCMI program"
				  means a joint investment pool in which two or more joint insurance funds
				  participate, with the pooled funds being invested pursuant to a joint cash
				  management plan.
"Joint cash management plan" means a cash management plan approved
				  by the Commissioner of Banking and Insurance and the Commissioner of Community
				  Affairs, pursuant to which a joint cash management and investment program shall
				  deposit and/or invest its funds.
"Joint insurance fund" or "JIF" means a joint insurance fund
				  created pursuant to P.L. 1983, c. 372 (N.J.S.A. 40A:10-36etseq.) or P.L. 1983, c.
				  108 (N.J.S.A. 18A:18B-1etseq.).
"Long-term investments" means bonds, notes, or other obligations
				  that are issued by a government entity. This term shall not include those types of
				  securities already authorized for investment by a joint insurance fund pursuant to
				  N.J.S.A. 18A:20-37 and 40A:5-15.1.