New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS › Subchapter 1 - DEFINITIONS › Section 5:37-1.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter, shall
				  have the following meanings, unless the context clearly indicates otherwise.
"Accounting date" means the annual date at the close of the fiscal
				  year when the employer provides an accounting of its deferred compensation plan and
				  apprises all participants of the value of their accounts.
"Approved plan" means a deferred compensation plan which has been
				  approved by the Director.
"Beneficiary" means the person, persons or legal entity designated
				  by a participant to receive any undistributed deferred compensation which becomes
				  payable in the event of the participant's death.
"Complete application package" means the documentation to be
				  submitted to the Director by an employer for approval of a self-administered
				  deferred compensation plan or by a contractor for a prototypical deferred
				  compensation plan which may include, but not be limited to, the deferred
				  compensation plan document, service agreement and resolution.
"Contractor" means any person or entity, other than the employer,
				  authorized to do business in New Jersey, that provides investments or services or
				  both regarding an employer's deferred compensation plan.
"Deferred compensation" means future benefits for present services
				  payable pursuant to a contract with an employee.
"Deferred compensation plan" or "plan" means a document consistent
				  with the requirements of Section 457, as amended, of the United States Internal
				  Revenue Code under which an employee may defer payment of a specified amount of
				  compensation until the future receipt thereof.
"Director" means the Director of the Division of Local Government
				  Services in the Department of Community Affairs.
"Employee" means any person, including elected, appointed and
				  salaried persons working for the employer.
"Employer" means a local unit that is either a municipality, a
				  county, an authority created by one or more counties or municipalities, a fire
				  district or a joint meeting.
"Independent auditor" means a registered municipal accountant for
				  a municipality or county pursuant to
				  40A:5-4 or a registered municipal
				  accountant or a certified public accountant for an authority or fire district
				  pursuant to 40A:5A-15.
"Joinder agreement" means the agreement signed by an employee to
				  become a participant in the deferred compensation plan.
"Local plan administrator" means the person or group of local
				  public officials or employees, including the local governing body, appointed by the
				  governing body of the local unit to act as the plan representative with respect to
				  the contractor and to perform the plan duties, if any, that are not to be performed
				  by the contractor under the terms of a service agreement.
"Participant" means a local unit employee who is participating in
				  a deferred compensation plan.
"Pay period" means the period of time for which the employer
				  computes compensation for the employee.
"Plan manager" or "manager" means the person or group of local
				  public officials or employees, including the local governing body, appointed by the
				  governing body of the local unit as fiduciary responsible for the administration of
				  the employer's self-administered deferred compensation plan and for the investments
				  and the accounting of funds maintained under the plan.
"Prototypical plan" means a deferred compensation plan prepared by
				  a contractor and approved by the Director.
"Prototypical service agreement" or "service agreement" means a
				  contract between the employer and a third party for the administration of the
				  employer's deferred compensation plan, the form and content of which have been
				  approved by the Director.
"Self-administered plan" means a deferred compensation plan
				  prepared and administered by the local unit and approved by the Director.