reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.9 - Mistaken contributions-ABP Retirement Plan and ACTS

Current through Register Vol. 56, No. 14, July 15, 2024
If any contribution (or any portion of a contribution) is
				  made by the employer by a good faith mistake of fact, upon receipt in good
				  order of a proper request by the Plan Administrator, the DSP shall return the
				  amount of the mistaken contribution(s), except as limited below, to the
				  employer. A return of a mistaken contribution will not be made if the return
				  will not be made within one year from the date of the mistaken payment of the
				  contribution, or if the participant has had a severance from employment and
				  received the distribution of his or her account. Upon any return of a mistaken
				  contribution, earnings attributable to the mistaken contributions will not be
				  returned and losses attributable to the mistaken contribution shall reduce the
				  amount to be returned.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.10 - Necessary information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				participant, beneficiary, or alternate payee shall provide upon any request of
				the Plan Administrator or DSP any information that may be needed for the proper
				and lawful operation and administration of the Program, including, but not
				limited to, full legal name, Social Security number (SSN) or other Taxpayer
				Identification number (TIN), current address and current address of spouse and
				of any beneficiary(s), evidence of age, and evidence of marital status. The
				participant shall promptly respond to and fully answer any reasonable inquiry
				related to these purposes. A failure to provide any information described above
				or which otherwise may be necessary or appropriate for the lawful operation of
				the Program may result in a delay of eligibility for participation, in a delay
				of the payment of contributions, or in a delay or refusal by the Plan
				Administrator, in his or her discretion, to authorize or permit any payment to
				be made.
(b) The Plan Administrator
				(and any party acting for him or her) shall have the right to rely on any
				information or representation given by any participant, beneficiary, or other
				person interested in the Program. The Plan Administrator shall have no duty to
				inquire into the accuracy or adequacy or truth of any such information or
				representation. Any such representation shall be binding upon any party seeking
				to claim a benefit through the participant.
(c) Documentary proof of the age of a
				participant and designated beneficiary may be required by the Division or the
				insurers, if the age of a participant or beneficiary is material in determining
				eligibility for benefits.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.11 - No contract of employment

Current through Register Vol. 56, No. 14, July 15, 2024
Under no circumstances shall the Program constitute or
				  modify a contract of employment or in any way obligate the employer to continue
				  the services of any employee.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.12 - No rights other than those provided by the Program

Current through Register Vol. 56, No. 14, July 15, 2024
The establishment of the Program and the Plans under the
				  Program and the purchase of any investment option(s) under the ABP Retirement
				  Plan or ACTS shall not be construed as giving to any participant, beneficiary,
				  alternate payee, or any other person any legal or equitable right against the
				  employer or the Plan Administrator or their representatives, except as is
				  expressly provided by the Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.13 - Taxes

Current through Register Vol. 56, No. 14, July 15, 2024
The employer and the Plan Administrator do not guarantee
				  that any particular Federal or State income, payroll, or other tax consequences
				  would occur because of participation in the ABP.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.14 - Notices

Current through Register Vol. 56, No. 14, July 15, 2024
Each participant, beneficiary, or alternate payee shall be
				  responsible for furnishing the Plan Administrator and the DSP with his or her
				  current address at all times. Any notice required or permitted to be given
				  under the Program shall be deemed given if directed to the proper person at the
				  current address in any Program (or investment option) record and mailed or
				  otherwise delivered to that address. This provision shall not be construed to
				  require the mailing or the delivery of any notice otherwise permitted to be
				  given by posting or by publication.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.15 - Program is binding

Current through Register Vol. 56, No. 14, July 15, 2024
The Program, and all acts and decisions taken under it, is
				  binding and conclusive, for all purposes, upon every participant, beneficiary,
				  alternate payee, any person claiming through a participant, beneficiary, or
				  alternate payee, all other interested persons, and upon the personal
				  representatives, executors, administrators, heirs, successors, and assigns of
				  any and all such persons. The Program shall not affect contracts or other
				  dealings with a person who is not an interested person, unless a written
				  agreement executed by that person expressly so provides.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.16 - Power-of-attorney

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				power-of-attorney is not effective to permit the attorney-in-fact to submit any
				claim, instruction, direction, or consent under the Program or otherwise act
				regarding the Program, unless the Plan Administrator, in his or her discretion,
				finds that the power-of-attorney is acceptable.
(b) Without limiting the effect of (a) above,
				the Plan Administrator will not accept a power-of-attorney until he or she
				finds that the power-of-attorney:
1. Is a
				properly executed and filed durable power-of-attorney pursuant to the law of
				the jurisdiction in which it was created, which will remain effective despite
				the later incapacitation or disability of the participant;
2. Indemnifies the Plan Administrator and
				every person that may rely on the durable power-of-attorney against any
				liability that may arise out of the Plan Administrator's acceptance of the
				power-of-attorney;
3. Contains the
				following provision or a substantially similar provision: "No person who may
				act in reliance upon the representations of my attorney-in-fact for the scope
				of authority granted to the attorney-in-fact shall incur any liability as to me
				or to my estate as a result of permitting the attorney-in-fact to exercise this
				authority, nor is any such person who deals with my attorney-in-fact
				responsible to determine or ensure the proper application of funds or
				property."; and
4. Grants specific
				authority for the attorney-in-fact to conduct transactions with the
				participant's retirement plan or employee benefit plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.17 - Disclosure of information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator (and any other person acting for or at the request of the Plan
				Administrator) may disclose information concerning a participant, beneficiary,
				or alternate payee:
1. When requested by the
				participant's, beneficiary's, or alternate payee's agent who acts under a
				power-of-attorney accepted by the Plan Administrator;
2. When required by applicable law;
3. When required by a court order or
				subpoena;
4. Without a court order
				when reasonably requested by the Internal Revenue Service;
5. When necessary or appropriate for the Plan
				Administrator to obtain tax or legal advice; or
6. When, in the course of the administration
				of a participant's, beneficiary's, or alternate payee's estate or succession,
				the personal representative (or an attorney-at-law who represents the personal
				representative) states in writing that he, she, or it needs the requested
				information to prepare a return of any estate tax, transfer tax, gift tax,
				inheritance tax, death tax, or similar tax, whether of the United States of
				America, any state, or any foreign nation.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.18 - Release

Current through Register Vol. 56, No. 14, July 15, 2024
Any payment or any agreement to make payments under a
				  payment option selected by the proper payee, shall, to the extent of the
				  payment(s) or agreement, be in full satisfaction of all claims. If a dispute
				  arises as to the proper payee of any payment(s), the Plan Administrator, in its
				  sole discretion, may withhold or cause to be withheld any payment(s) until the
				  dispute shall have been determined by a court of competent jurisdiction or
				  shall have been settled by all the parties concerned.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.19 - Records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The records of
				the Alternate Benefit Program are public record, and may be inspected during
				regular business hours at the Division under supervision of a representative of
				the Alternate Benefit Program. They are subject to the following restrictions:
1. Medical records of all active and retired
				participants are confidential and, absent a release signed by the active or
				retired participant or a court order, shall not be released.
2. Mailing addresses of all active and
				retired participants are confidential and, absent a release, signed by the
				active or retired participant or a court order, shall not be
				released.
3. Designations of
				beneficiaries of all active and retired participants are considered
				confidential and, absent a release signed by the active or retired participant,
				a court order or the death of the active or retired participant, shall not be
				released.
4. Original documents, if
				available, shall only be viewed by appointment at the Division.
5. All other records shall be subject to the
				public records restrictions of
				47:1A-1 et seq.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.20 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If a court finds that any provision of the Program is
				  invalid, that holding shall not affect the remaining provisions of the Program,
				  or any Plan under the Program, which shall be construed and enforced as if the
				  invalid provision had not been included in the Program or Plan, unless such a
				  construction of the Program or Plan would be clearly contrary to the enabling
				  statute.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.21 - Uniformity

Current through Register Vol. 56, No. 14, July 15, 2024
To the extent required by the enabling statute or applicable
				  State law, provisions of the Program and any Plan under the Program shall be
				  construed and applied in a non-discriminatory manner.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.22 - Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) and Heroes Earnings and Assistance Relief Tax Act of 2008 (HEART)-ABP Retirement Plan and ACTS

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding
				any provisions of this Plan to the contrary, contributions, benefits, and
				service credit with respect to qualified military service shall be provided in
				accordance with the USERRA (as codified at Chapter 43, Title 38, of the United
				States Code); IRC § 414(u); and, effective January 1, 2007, IRC §
				401(a)(37), as amended from time to time.
(b) For purposes of this section, "qualified
				military service" means any service in the uniformed services as defined in
				USERRA by any individual if such individual is entitled to reemployment rights
				under USERRA with respect to such service.
(c) Effective January 1, 2009, a participant
				receiving a differential wage payment within the meaning of IRC §
				414(u)(12)(D) from the employer, may be treated as a participant and the
				differential wage payment may be treated as base salary and compensation under
				17:7-5.7. This subsection shall be
				applied to all similarly situated individuals in a reasonably equivalent
				manner.
(d) If the participant
				timely resumes employment in accordance with USERRA after a qualified military
				leave, the employer shall make any employer contribution that would have been
				made if the participant had remained employed during the participant's
				qualified military service. Such contributions must be made no later than 90
				days after the date of such reemployment or when contributions are normally due
				for the year in which the qualified military service was performed, if later.
				In determining the amount of employer contribution, a participant shall be
				treated as receiving base salary from the employer during such period of
				qualified military service equal to:
1. The
				base salary the participant would have received during such period if the
				participant were not in qualified military service, determined based on the
				rate of pay the participant would have received from the employer but for the
				absence during the period of qualified military service; or
2. If the base salary the participant would
				have received during such period is not reasonably certain, the participant's
				average compensation from the employer during the 12-month period immediately
				preceding the qualified military service (or, if shorter, the period of
				employment immediately preceding the qualified military service).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.23 - Distribution to incompetent participant, beneficiary, or alternate payee

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If a
				participant, beneficiary, or alternate payee is unable to manage property
				effectively for any reason including, but not limited to, mental illness,
				mental deficiency, physical illness, physical disability, chronic use of drugs,
				chronic intoxication, confinement, detention by a foreign power, or
				disappearance, any payment may be paid according to the terms of the applicable
				investment option(s) (if any) or according to applicable investment law (if
				any), or the Plan Administrator may direct payment(s) according to the
				following order:
1. As instructed by an
				appropriate court pursuant to a written court order;
2. To the duly court-appointed and currently
				acting conservator of the participant, beneficiary, or alternate
				payee;
3. To the duly
				court-appointed and currently acting legal guardian of the estate of the
				participant, beneficiary, or alternate payee;
4. To the duly appointed and currently acting
				attorney-in-fact under a durable power-of-attorney if the Plan Administrator
				finds that the power-of-attorney provides sufficient power to authorize the
				attorney-in-fact to receive the benefit; or
5. To the court having jurisdiction over the
				estate of the participant, beneficiary, or alternate payee.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.24 - Payment to personal representative

Current through Register Vol. 56, No. 14, July 15, 2024
Any payment (or delivery of property) to the duly appointed
				  personal representative of the participant shall, to the extent of the payment
				  (or delivery of property), bar recovery by any other person or entity,
				  including every beneficiary, and shall, to the extent of the payment (or
				  delivery of property), discharge any obligation under the ABP Retirement Plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.25 - Disclaimer by beneficiary

Current through Register Vol. 56, No. 14, July 15, 2024
Any beneficiary may renounce or disclaim all or any part of
				  any benefit by filing a written irrevocable disclaimer not later than 31 days
				  before the distribution begins or any payment is otherwise to be made and
				  before acceptance of any benefit. An acceptance may be express or may be
				  inferred from actions or facts and circumstances, including, but not limited
				  to, those actions described in the Uniform Probate Code as establishing an
				  inference of acceptance. In addition to any requirements under State law, the
				  disclaimer is not effective unless the disclaimer describes the benefit
				  renounced, expressly declares the renunciation and the extent of it, expressly
				  states the beneficiary's belief upon reasonably diligent examination that no
				  creditor of the beneficiary (or, if the beneficiary is an executor, trustee,
				  guardian, or other fiduciary of any current or reasonably anticipated
				  beneficiary of the estate or trust or guardianship or other fiduciary
				  relationship or entity) would be adversely affected by the disclaimer,
				  expressly states that the disclaimer is irrevocable, is signed by the
				  beneficiary, meets all requirements of IRC § 2518, such that the
				  disclaimer would be treated as effective for Federal gift and estate tax
				  purposes, and otherwise is made in a form that is acceptable to the Plan
				  Administrator. Notwithstanding any State law that would permit otherwise, if
				  the beneficiary is a minor or an incapacitated person, any disclaimer cannot
				  have any effect regarding the Program until the court having jurisdiction of
				  the minor's or incapacitated person's estate authorizes the disclaimer after
				  finding that it is advisable and will not materially prejudice the rights of
				  any interested person. Any benefit disclaimed shall be payable as if the
				  beneficiary who submitted the disclaimer died before the participant.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.1 - Employee elective deferrals to ACTS; additional voluntary contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board of Governors of Rutgers, the
				State University; the Board of Trustees of the New Jersey Institute of
				Technology; the Board of Trustees of Rowan University; the boards of trustees
				of State and county colleges; and local boards of education are hereby
				authorized to enter into an agreement with each employee participating in the
				ABP whereby the employee agrees to make elective deferrals by a reduction in
				salary with respect to amounts earned after the effective date of such
				agreement in return for the agreement of the respective institution to use a
				corresponding amount to purchase an annuity for such employee, so as to obtain
				the benefits afforded under IRC § 403(b). Any such salary reduction
				agreement shall specify the amount of such reduction, the effective date
				thereof, and shall be legally binding and irrevocable with respect to amounts
				earned while the agreement is in effect; provided, however, that such agreement
				may be terminated after it has been in effect for a period of not less than one
				year upon notice in writing by either party, and provided further that not more
				than one such agreement shall be entered into during any taxable year of the
				employee. For the purposes of this section, any investment option and annuity
				or other contract offered by the DSP that meets the requirements of IRC §
				403(b), may be utilized. The amount of the reduction in salary under any
				agreement entered into between the institutions and any employee pursuant to
				this section shall not exceed the limitations set forth in IRC §§
				415(c) and 403(b).
1. Employees of University
				Hospital are prohibited from making new contributions to the ACTS Program under
				Federal Internal Revenue Code provisions, but they shall be permitted to
				continue to participate in the ACTS Program with respect to their existing
				account as of June 30, 2014, and they shall also be permitted to enter into
				salary reduction agreements in the 457(b) program known as the New Jersey State
				Employees' Deferred Compensation Plan.
2. ABP members employed by the former UMDNJ
				on June 30, 2013, who became employees of University Hospital on July 1, 2013,
				under special provisions of
				P.L.
				2012, c. 45, may
				maintain any ACTS accounts opened before July 1, 2013; however, they will not
				be permitted to make additional contributions to ACTS after June 30, 2014, and
				their ACTS salary reduction agreements will no longer be valid.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.2 - Contributions transmitted to designated service provider for ACTS

Current through Register Vol. 56, No. 14, July 15, 2024
All IRC § 403(b) (
				  26 U.S.C. §
										403(b) ) amounts payable on
				  behalf of an employee for a pay period, shall be transmitted to the employee's
				  pension provider and credited not later than the fifth business day after the
				  date on which the employee is paid for that pay period.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.3 - Vesting schedule

Current through Register Vol. 56, No. 14, July 15, 2024
A participant's interest in his or her account attributable
				  to employee voluntary contributions shall immediately become and shall at all
				  times remain fully vested and nonforfeitable.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.4 - Additional terms and conditions

Current through Register Vol. 56, No. 14, July 15, 2024
The Plan Administrator may set forth additional terms and
				  conditions of the ACTS.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.5 - Plan administration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				ACTS shall be administered, and the provisions of the various documents
				comprising the ACTS shall be coordinated, in accordance with the terms of
				applicable law and the requirements of IRC § 403(b). In addition to the
				provisions of
				N.J.A.C.
				17:7-10.1, the provisions and requirements
				under this subchapter for the Plan Administrator include, but are not limited
				to:
1. Determining whether hardship
				withdrawals and loans comply with applicable requirements and
				limitations;
2. Determining that
				any transfers, rollovers, or purchases of service credit comply with applicable
				requirements and limitations;
3.
				Maintaining a list of all pension providers under the ACTS;
4. Determining that the requirements of the
				ACTS and IRC § 403(b) are properly applied, including whether the employer
				is a member of a controlled group; and
5. Determining the status of domestic
				relations orders or qualified domestic relations orders (QDROs).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.6 - Administrative summary

Current through Register Vol. 56, No. 14, July 15, 2024
Persons to whom administrative functions have been delegated,
				  and the specific functions delegated to such persons, shall be identified in an
				  administrative summary maintained by the Plan Administrator. Service agreements
				  and other records or information pertaining to the administration of the ACTS
				  may be included or incorporated by reference in the administrative summary. The
				  administrative summary may be modified from time to time. A modification of the
				  administrative summary is not an amendment of the ACTS
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.7 - Elective deferrals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except
				as provided in (b) below, the maximum amount of the elective deferral under the
				ACTS for any calendar year shall not exceed the lesser of:
1. The applicable dollar amount, meaning the
				amount established under IRC § 402 (g)(1)(B) and is adjusted for
				cost-of-living to the extent provided under IRC § 402(g) (4) for periods
				after 2013; or
2. The participant's
				includible compensation, as defined in NJ.A.C. 17:7-12.10(h), for the calendar
				year.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.8 - Employer contribution

Current through Register Vol. 56, No. 14, July 15, 2024
Employer contributions are permitted, subject to the
				  limitations on annual additions.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.9 - Protection of persons who serve in a uniformed service

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An employee whose employment is
				interrupted by qualified military service under IRC § 414(u) or who is on
				a leave of absence for qualified military service under IRC § 414(u) may
				elect to make additional elective deferrals upon resumption of employment with
				the employer equal to the maximum elective deferrals that the employee could
				have elected during that period if the employee's employment with the employer
				had continued (at the same level of compensation) without the interruption or
				leave, reduced by the elective deferrals, if any, actually made for the
				employee during the period of the interruption or leave. Except to the extent
				provided under IRC § 414(u), this right applies for five years following
				the resumption of employment (or, if sooner, for a period equal to three times
				the period of the interruption or leave).
(b) A participant receiving a "differential
				wage payment" within the meaning of IRC § 414 (u)(12)(D) from the
				employer, shall be treated as a participant who is eligible to make elective
				deferrals and the differential wage payment shall be treated as compensation
				and includible compensation. This provision shall be applied to all similarly
				situated individuals in a reasonably equivalent manner. However, such
				participant shall be treated as having a severance from employment for purposes
				of electing to take a distribution from the ACTS during any period such
				individual is performing service in the uniformed services described in IRC
				§ 3401(h)(2) (A) while on active duty for a period of more than 30 days. A
				participant who elects a distribution from pre-tax amounts in his or her
				account by reason of the preceding sentence may not make an elective deferral
				during the six-month period beginning on the date of the
				distribution.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.11 - Benefit distributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				Except as permitted in the case of excess elective deferrals, pre-1989 elective
				deferral contributions (excluding earnings thereon) to an annuity contract that
				are separately accounted for, amounts rolled over into the ACTS, a distribution
				made in the event of hardship, a qualified reservist distribution as defined in
				IRC § 72(t)(2)(G), termination of the ACTS, a payment pursuant to QDRO or
				levy, or as may otherwise be provided by applicable law, distributions of
				elective deferrals from a participant's account may not be made earlier than
				the date on which the participant has a severance from employment, dies,
				becomes disabled (under IRC § 22 (e)(3)), or attains age 59 and one-half
				The participant's account may be distributed in accordance with any available
				payment option.
(b) To the extent
				permitted under the terms governing the applicable investment option,
				distributions may be made in the form of a lump-sum payment, without the
				consent of the participant or beneficiary, but not without the consent of the
				participant or beneficiary if the participant's accumulated benefit (determined
				without regard to any separate account that holds rollover contributions)
				exceeds $ 1,000, or any lesser amount specified in the investment option. Any
				such distribution shall comply with the requirements of IRC §
				401(a)(31)(B) (relating to automatic distribution as a direct rollover to an
				individual retirement plan for distributions in excess of $ 1,000).
(c) The Plan Administrator shall make all
				reasonable attempts to determine the identity and address of a participant or a
				participant's beneficiary entitled to benefits under the ACTS. For this
				purpose, a reasonable attempt means:
1. The
				mailing by certified mail of a notice to the last known address shown on the
				employer's or the Plan Administrator's records;
2. Notification sent to the Social Security
				Administration or the Pension Benefit Guaranty Corporation (under its program
				to identify payees under retirement plans); and
3. The payee has not responded within six
				months. If the Plan Administrator is unable to locate such a person entitled to
				benefits under this subchapter, or if there has been no claim made for such
				benefits, the investment option shall continue to hold the benefits due such
				person.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.12 - Minimum distributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				ACTS shall comply with the minimum distribution requirements of IRC §
				401(a)(9) and the regulations thereunder in accordance with the terms governing
				each investment option, unless and to the extent otherwise permitted by law and
				regulations or other rules of general applicability published by the Department
				of the Treasury or the Internal Revenue Service. For purposes of applying the
				distribution regulations of IRC § 401 (a)(9), each investment option is
				treated as an individual retirement account (IRA) and distributions shall be
				made in accordance with the provisions of Treasury Reg. § 1.408-8, except
				as provided in Treasury Reg. § 1.403(b)-6(e).
1. Notwithstanding this section, and unless
				otherwise provided in the investment option, a participant or beneficiary who
				would have been required to receive required minimum distributions for 2009 but
				for IRC § 401 (a)(9)(H) (2009 RMDs), and who would have satisfied that
				requirement by receiving distributions that are equal to the 2009 RMDs or one
				or more payments in a series of substantially equal distributions (that include
				the 2009 RMDs) made at least annually and expected to last for the life (or
				life expectancy) of the participant, the joint lives (or joint life expectancy)
				of the participant and the participant's beneficiary, or for a period of at
				least 10 years (extended 2009 RMDs) will receive those distributions for 2009,
				unless the participant or beneficiary chooses not to receive such
				distributions. Participants and beneficiaries described in this paragraph will
				be given the opportunity to elect to stop receiving the distributions described
				in this paragraph. In addition, solely for purposes of applying the direct
				rollover provisions of N.J.A.C. 17:7-12.13, 2009 RMDs and extended 2009 RMDS
				will be treated as eligible rollover distributions in 2009.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.14 - Hardship distributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To
				the extent permitted by the terms governing the applicable investment option,
				distribution of elective deferrals may be made to a participant in the event of
				hardship. A hardship distribution may only be made on account of an immediate
				and heavy financial need of the participant and where the distribution is
				necessary to satisfy the immediate and heavy financial need.
(b) The following are the only financial
				needs considered immediate and heavy:
1.
				Expenses incurred or necessary for medical care, described in IRC §
				213(d), of the participant, the participant's spouse or dependents, or the
				participant's primary beneficiary (as defined in Q&A-5 of IRS Notice
				2007-7);
2. The purchase (excluding
				mortgage payments) of a principal residence for the participant;
3. Payment of tuition and related educational
				fees for the next 12 months of post-secondary education for the participant,
				the participant's spouse, children, or dependents, or the participant's primary
				beneficiary;
4. Payments necessary
				to prevent the eviction of the participant from, or a foreclosure on the
				mortgage of, the participant's principal residence;
5. Payments for funeral or burial expenses
				for the participant's deceased parent, spouse, child or dependent, or the
				participant's primary beneficiary; and
6. Expenses to repair damage to the
				participant's principal residence that would qualify for a casualty loss
				deduction under IRC § 165 (determined without regard to whether the loss
				exceeds 10 percent of adjusted gross income).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.15 - Rollover contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				ACTS will accept rollover contributions as provided in
				N.J.A.C.
				17:7-9.3.
(b) The ACTS will accept a rollover
				contribution to a Roth elective deferral account only if it is a direct
				rollover from another Roth elective deferral account under an applicable
				retirement plan described in IRC § 402A(e)(1) and only to the extent the
				rollover is permitted under the rules of IRC § 402(c). A rollover of Roth
				elective deferrals will only be accepted if the Plan Administrator obtains
				information regarding the participant's tax basis under IRC § 72 in the
				amount rolled over.
(c) The pension
				provider shall establish and maintain for the participant a separate account
				for any eligible rollover distribution paid to the ACTS. Separate subaccounts
				must be kept for rollovers from an IRC § 457(b) eligible governmental plan
				and rollovers from a Roth elective deferral account or a Roth IRA.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.16 - Transfers to the ACTS

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the
				direction of the employer, for a class of employees who are participants or
				beneficiaries in another plan under IRC § 403(b), the Plan Administrator
				may accept a transfer of assets to the ACTS only if:
1. The transferor plan provides for direct
				transfer of assets;
2. The
				participant is an employee or former employee of the employer;
3. The participant or beneficiary whose
				assets are being transferred has an accumulated benefit immediately after the
				transfer at least equal to the accumulated benefit with respect to that
				participant or beneficiary immediately before the transfer; and
4. The transferred amounts are subject to
				restrictions on distributions that are not less stringent than those imposed by
				the transferor plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.17 - Exchanges

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A participant
				or beneficiary is permitted to change the investment of his or her account
				among the pension providers under the ACTS. However, an investment change that
				includes an investment with a pension provider that is not eligible to receive
				contributions (referred to as an exchange) is not permitted.
(b) If any pension provider ceases to be
				eligible to receive elective deferrals under the ACTS, the Plan Administrator
				will enter into an information sharing agreement to the extent the Plan
				Administrator's contract with the pension provider does not provide for the
				exchange of information.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.18 - Transfers to purchase service credit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If a participant is also a participant in
				a tax-qualified defined benefit governmental plan (as defined in IRC §
				414(d)) that provides for the acceptance of plan-to-plan transfers with respect
				to the participant, then the participant may elect to have any portion of the
				participant's accumulated benefit transferred to the defined benefit
				governmental plan. A transfer may be made before the participant has had a
				severance from employment.
(b) A
				transfer may be made only if the transfer is either for the purchase of
				permissive service credit (as defined in IRC § 415(n)(3)(A)) under the
				receiving defined benefit governmental plan or a repayment to which IRC §
				415 does not apply by reason of IRC § 415(k)(3).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS) › Section 17:7-12.19 - Investment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All elective
				deferrals or other amounts contributed to the ACTS, all property and rights
				purchased with such amounts under the investment options, and all income
				attributable to such amounts, property, or rights shall be held and invested in
				one or more annuity contracts or custodial accounts.
(b) Each participant or beneficiary shall
				direct the investment of his or her account among the investment options
				available under the annuity contract or custodial account in accordance with
				the terms of the investment options.
(c) Each pension provider and the Plan
				Administrator shall exchange such information as may be necessary to satisfy
				IRC § 403(b) or other requirements of applicable law.
1. The Plan Administrator shall maintain a
				list of all pension providers under the ACTS, including a pension provider that
				has ceased to be a pension provider eligible to receive elective deferrals
				under the ACTS and a pension provider holding assets under the ACTS. Such list
				is hereby incorporated as part of the ACTS.
2. Each pension provider and the Plan
				Administrator shall exchange such information as may be necessary to satisfy
				IRC § 403(b) or other requirements of applicable law. In the case of a
				pension provider that is not eligible to receive elective deferrals under the
				ACTS (including a pension provider that has ceased to be a pension provider
				eligible to receive elective deferrals under the ACTS and a pension provider
				holding assets under the ACTS), the employer shall keep the pension provider
				informed of the name and contact information of the Plan Administrator in order
				to coordinate information necessary to satisfy IRC § 403(b) or other
				requirements of applicable law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 13 - INVESTMENTS AND INVESTMENT DIRECTION-ABP RETIREMENT PLAN AND ACTS › Section 17:7-13.1 - Duty of investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
Each participant and, when applicable, each beneficiary or
				  alternate payee, shall, subject to the requirements of applicable investment
				  law and any procedures established by the DSP, with the approval of the Plan
				  Administrator, direct the investment of his or her account(s) under the
				  Retirement Plan and the ACTS. Accounts may only be invested in those investment
				  options offered by the DSP and the ACTS and approved by the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 13 - INVESTMENTS AND INVESTMENT DIRECTION-ABP RETIREMENT PLAN AND ACTS › Section 17:7-13.2 - Procedure for giving investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
The participant, beneficiary, or alternate payee must give
				  investment direction according to the provisions of the ABP Retirement Plan or
				  the ACTS, including any procedure required by the DSP with the approval of the
				  Plan Administrator. Each investment direction shall be on the applicable form
				  and shall not be proper unless it is signed by the participant, beneficiary, or
				  alternate payee. Only the DSPs have authority to accept an investment direction
				  and any direction is effective only when received.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 13 - INVESTMENTS AND INVESTMENT DIRECTION-ABP RETIREMENT PLAN AND ACTS › Section 17:7-13.3 - Limits on frequency of investment directions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator, or the DSP with the consent of the Plan Administrator, may, but
				only on a uniform and consistent basis, impose reasonable restrictions on the
				frequency with which a participant, beneficiary, or alternate payee may give
				investment directions. In addition to such restrictions, a participant,
				beneficiary, or alternate payee may not give more than one investment direction
				in any valuation day, therefore, the latest investment direction in a valuation
				day cancels all earlier inconsistent investment directions in that valuation
				day.
(b) Surrender and/or
				redemption fees may be imposed by an investment option and will be charged to
				the participant's account in accordance with the investment option's written
				policy.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 13 - INVESTMENTS AND INVESTMENT DIRECTION-ABP RETIREMENT PLAN AND ACTS › Section 17:7-13.4 - Who directs investment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) During the
				participant's life, the participant shall direct the investment of his or her
				account. After the participant's death, the beneficiary shall direct the
				investment of that beneficiary's separate account. If following a QDRO, the
				Plan Administrator maintains a separate account for the alternate payee, the
				alternate payee will direct investments of that separate account. During the
				participant's, beneficiary's, or alternate payee's disability or incompetence,
				investments shall be directed by the person that is the court-appointed and
				currently serving conservator or guardian of the estate of the participant, or
				if there is no conservator or guardian, the person who has authority to act for
				the participant under a power-of-attorney accepted by the Plan
				Administrator.
(b) A participant,
				beneficiary, or alternate payee may authorize an agent or attorney-in-fact to
				direct investment for all of his or her account by giving written notice
				acceptable to the Plan Administrator and furnishing a power-of-attorney that is
				accepted by the Plan Administrator.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 13 - INVESTMENTS AND INVESTMENT DIRECTION-ABP RETIREMENT PLAN AND ACTS › Section 17:7-13.5 - Duty to accept investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The DSP must
				accept every proper investment direction it receives with respect to an
				investment option approved by the Board, and the DSP is obligated to comply
				with such proper investment direction.
(b) As of each valuation date with respect to
				an investment option, the DSP shall credit or debit to each participant's
				account the investment gain or loss with respect to such account's allocable
				share of the investment option since the previous valuation date.
(c) The Plan Administrator and the DSP may
				not charge the participant's, beneficiary's, or alternate payee's account for
				the expenses of executing his or her investment direction except as provided by
				17:7-13.3. If such expenses are so
				charged, the Plan Administrator or the DSP shall inform the participant,
				beneficiary, or alternate payee of the charges. Any expenses charged by a DSP
				must be approved by the Plan Administrator.