reglab/statecodes huggingface dataset:
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 17:7-13.6 - Plan Administrator not responsible

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator shall not be liable for any loss or liability arising out of any
				investment education, information, or advice provided by any DSP.
(b) To the extent of the participant's,
				beneficiary's, or alternate payee's investment direction or default, the Plan
				Administrator is relieved of any fiduciary responsibility and every kind of
				liability, and is not responsible for any damage or loss or expense or other
				claim that may arise from any participant's, beneficiary's, or alternate
				payee's investment direction or failure to exercise investment direction.
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 17:7-13.7 - Failure to give investment direction (default investment provider)

Current through Register Vol. 56, No. 14, July 15, 2024
If at any time a participant, beneficiary, or alternate
				  payee fails to exercise investment direction, or an investment direction is
				  refused, the Plan Administrator shall, to the extent of the failure of proper
				  investment direction, cause the account to be invested according to the default
				  investment option or options selected for the current plan year. Each DSP shall
				  designate a default investment option. The Plan Administrator shall designate
				  which DSP is the default pension provider. The Plan Administrator shall direct
				  the DSP with respect to the investment of accounts in a default investment
				  option or options.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 14 - LOANS-ABP RETIREMENT PLAN, ACTS, AND CLOSED PLAN › Section 17:7-14.1 - Loan permitted

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A participant may borrow from his or her
				employee account up to the amounts allowed under Federal law while still
				employed. The employee account and employer account shall be used solely to
				qualify for the amount of a policy loan.
1.
				Terms of loans. All loans shall be made on such terms and conditions as the
				Plan Administrator may determine and in accordance with the rules and
				procedures of the applicable DSP, provided that all loans:
i. Shall be made pursuant to a promissory
				note and such other documents required by the pension provider, which are
				subject to default rules that are not inconsistent with (a)5 below and which
				are secured by the employee account and employer account and such other
				collateral as may be required by the Plan Administrator;
ii. Shall be amortized on a substantially
				level basis, with payments to be made not less frequently than quarterly
				throughout the repayment period, except that the loan may be prepaid fully, and
				except that alternative arrangements for repayment may apply in the event the
				borrower is on a bona fide unpaid leave of absence for a period not to exceed
				one year for leaves other than a qualified military leave within the meaning of
				IRC § 414(u) or for the duration of a leave which is due to qualified
				military service;
iii. Shall bear a
				reasonable rate of interest (which may be a fluctuating rate), which shall in
				no event be lower than the prime interest rate, as published in the Wall Street
				Journal on the last business day of the month, plus two percentage
				points;
iv. Shall provide for
				repayment in full on or before the earlier of:
(1) Five years after the date when the loan
				is made or 20 years after the date the loan is made if the loan is used to
				acquire a dwelling which, within a reasonable period of time, is to be used as
				the principal residence of the participant; or
(2) The date when distribution of the
				participant's Plan benefit is fully distributed (including payments after
				retirement out of Plan distributions); and
v. At the discretion of the DSP, the employee
				account of a participant who elects to borrow may be charged with loan fees and
				additional fees in an amount reasonably determined by the Plan Administrator to
				represent the cost to the Plan of processing the loan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 15 - ACCOUNTS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-15.1 - Account statement or confirmation

Current through Register Vol. 56, No. 14, July 15, 2024
Each account statement or confirmation furnished by (or on
				  behalf of) the Plan Administrator is intended as a legally significant
				  statement of the accrued benefit under the ABP Retirement Plan or ACTS. As to
				  each account statement or confirmation, if, by the date that is 180 days after
				  the date that the statement or confirmation was mailed or otherwise sent or
				  delivered, the participant, beneficiary, or alternate payee has not delivered a
				  written objection as to the accuracy of the statement or confirmation, the
				  accounting reported is then settled and conclusive and an account stated. If an
				  objection to any account statement or confirmation is withdrawn or is adjusted
				  to the participant's, beneficiary's, or alternate payee's satisfaction, the
				  accounting is then settled and conclusive and an account stated. To the extent
				  that an account statement or confirmation is an account stated, the Plan
				  Administrator and DSP are discharged from any liability that might otherwise
				  arise out of the account as fully as if the account had been settled by an
				  appropriate court proceeding.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 15 - ACCOUNTS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-15.2 - Account balance

Current through Register Vol. 56, No. 14, July 15, 2024
The account balance is the total amount or value of the
				  account (or sub-account or separate account, as applicable) reduced by any
				  applicable investment option or trust charges, fees, expenses, and taxes. At
				  any time, the amount or value of any account or sub-account is the applicable
				  account balance (in this section) as of the last valuation date.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.1 - Claim for distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any
				distribution shall be paid only upon a claim made on the applicable form, and
				submission of additional information requested by the Plan Administrator,
				including, but not limited to:
1. Appropriate
				evidence that the participant has a severance from employment;
2. If the distribution is an Eligible
				Rollover Distribution (as defined in
				N.J.A.C.
				17:7-9.2), the distributee's instruction as
				to whether the distribution (or a portion of the distribution) is to be paid
				directly to an eligible Retirement Plan (as defined in
				N.J.A.C.
				17:7-9.2), and if any amount is to be paid
				directly to such an eligible Retirement Plan, the name and address of the
				trustee or plan administrator of that eligible Retirement Plan together with
				any other information that the Plan Administrator or DSP reasonably requests
				pursuant to Treasury Reg. § 1.401(a)(31)-1;
3. If the distribution is made on account of
				the participant's death, appropriate evidence of the participant's
				death;
4. Whenever required by the
				Plan Administrator, the date of birth of any person as relevant to the
				distribution;
5. If the account
				consists of more than one investment option, the order in which any investment
				options are to be charged or redeemed to pay the distribution;
6. Any other evidence or information that the
				Plan Administrator finds is relevant to administer a provision of the ABP
				Retirement Plan in the participant's, beneficiary's, or other distributee's
				circumstances;
7. Absent contrary
				evidence actually known to the Plan Administrator, an appropriate death
				certificate or a court order stating that the participant is found to be absent
				and presumed dead shall constitute appropriate evidence of the participant's
				death; and
8. If the distributee
				fails to submit proper instructions, the Plan Administrator may, to the extent
				provided by the investment option of the applicable DSP contract, determine
				which plan investment option(s) are to be charged.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.2 - Minimum advance notice

Current through Register Vol. 56, No. 14, July 15, 2024
The Plan Administrator may require for payment of any
				  distribution a minimum advance notice, uniformly determined and consistently
				  applied.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.3 - Payor may rely on apparent entitlement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator and the DSP are not liable for having made a payment under an
				unclear beneficiary designation or participation agreement to a person not
				entitled to the payment, or for having taken or omitted any other action in
				good faith reliance on a person's apparent entitlement, before the payor
				actually received written notice of a claimed lack of entitlement.
(b) Any payor of any distribution is not
				liable for having made a payment or having transferred an item of property to a
				beneficiary designated in a beneficiary designation (or in a similar writing
				reasonably believed to constitute a beneficiary designation) who is not
				entitled to the distribution, or for having taken any other action in good
				faith reliance on the beneficiary's apparent entitlement under the terms of the
				beneficiary designation before the payor received written actual notice
				alleging that the beneficiary was not entitled to the distribution.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.4 - Valuation of payments

Current through Register Vol. 56, No. 14, July 15, 2024
Except to the extent otherwise expressly provided by the
				  investment option(s), any payment or payment option shall be determined as of
				  the date of distribution that next follows the DSP's receipt in good order
				  (within the meaning of the investment option(s) or applicable law) of a request
				  for payment approved by the Plan Administrator.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.5 - Delay of payment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator may delay approval of a distribution and the DSP may delay
				payment of an approved distribution:
1. To
				receive any necessary information;
2. To permit a valuation of the
				account;
3. To permit any necessary
				or appropriate liquidation of assets;
4. If a dispute arises as to the proper
				payee;
5. If the Plan Administrator
				or the DSP has written notice of a domestic relations case or petition that may
				involve the applicable account;
6.
				If the Plan Administrator or the DSP has written notice of a bankruptcy case or
				petition that may involve the applicable account;
7. If the Plan Administrator or the DSP has
				notice of any legal proceeding or petition that may involve the applicable
				account;
8. For any reason
				described elsewhere in this chapter;
9. For any other lawful purpose;
10. Without limiting the comprehensive effect
				of (a)1 through 9 above, to the extent that any distribution requires a
				surrender and/or redemption or transfer of an investment option's shares, the
				Plan Administrator shall delay the distribution during any period when the NYSE
				is closed other than for a weekend or a holiday, or when trading on the NYSE is
				restricted (as determined by the SEC), or when an emergency exists making
				disposal of an investment option's securities or valuation of an investment
				option's net assets not reasonably practicable, or when the SEC has required or
				permitted the suspension of surrender and/or redemptions or transfers by order,
				or during any period otherwise described by § 22(e)(1) through (3) of the
				Investment Company Act of 1940, as amended ( 15 U.S.C. § 80a-
				22(e)(1)
				through (3) ). Also, the Plan Administrator
				or the DSP may delay any distribution if doing so is necessary or appropriate
				to avoid exceeding an investment option's "large transaction amount"
				requirement; or
11. If the
				participant received an allocation of employer contributions for a period that
				included his or her absence under a Federal or State Family and Medical Leave
				Act, the Plan Administrator shall delay payment of any distribution until the
				Plan Administrator is satisfied that the participant has returned to work from
				such absence or that the participant will not or did not return to work from
				such absence.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.6 - Dispute as to proper recipient

Current through Register Vol. 56, No. 14, July 15, 2024
If a dispute arises as to the proper recipient of any
				  payment(s), the Plan Administrator, in its sole discretion, may instruct the
				  DSP to withhold payment until the dispute is determined by a court of competent
				  jurisdiction or is settled by the parties concerned.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 16 - ADMINISTRATION OF DISTRIBUTIONS-ABP RETIREMENT PLAN AND ACTS › Section 17:7-16.7 - Distribution to minor beneficiary

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If a
				distribution is to be made to a minor beneficiary, any payment(s) may, except
				to the extent prohibited by applicable law, be paid to a responsible person
				according to the following order. If the amount is under $ 10,000 per year:
1. As instructed by an appropriate court
				pursuant to a written court order, which has been provided to the Plan
				Administrator before the distribution is made;
2. To the duly court-appointed and currently
				acting conservator of the beneficiary, evidence of which has been provided to
				the Plan Administrator before the distribution is made;
3. To the duly appointed and currently active
				guardian of the beneficiary, evidence of which has been provided to the Plan
				Administrator before the distribution is made;
4. To the custodial parent of the
				beneficiary;
5. To a custodial
				adult with whom the beneficiary maintains his or her residence; or
6. To the court having jurisdiction over the
				estate of the beneficiary.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 17 - ALTERNATE BENEFIT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:7-17.1 - Benefit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As of July 1,
				1969, the group contract providing life insurance for all participants in the
				Alternate Benefit Program of each public institution of higher education in the
				State shall be on a non-contributory basis and shall be in lieu of any
				non-contributory and contributory benefits provided pursuant to N.J.S.A.
				18A:64C-11.1 through 11.9 (inclusive) and article 16 of Chapter 65 of Title 18A
				of the New Jersey Statutes, P.L. 1967, c. 278 and 281, and P.L. 1968, c. 181.
				In accordance with the provisions of this act such group contract or contracts
				providing life insurance shall be in an amount equal to three and one-half
				times the base annual salary at the time of death of the participant in the
				Alternate Benefit Program; provided, however, that if death shall occur after
				retirement, the amount payable shall equal one-half of the participant's base
				annual salary at the time of the participant's retirement.
(b) No beneficiary of a retired member shall
				be entitled to receive the death benefits payable in the event of death after
				retirement pursuant to this section unless such member:
1. Had at least 10 years of credited New
				Jersey participation in the Alternate Benefit Program; and
2. Had attained 60 years of age and was an
				actively employed participant in the Alternate Benefit Program in the year
				immediately preceding his or her initial receipt of a benefit from the ABP
				Retirement Plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 17 - ALTERNATE BENEFIT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:7-17.2 - Purchase of group life insurance

Current through Register Vol. 56, No. 14, July 15, 2024
As of July 1, 1969, the State Treasurer is hereby authorized
				  and permitted to purchase from one or more insurance companies, as determined
				  by him or her, group life insurance to provide for the death benefits in the
				  amounts specified in this account. Such group life insurance may be provided
				  under one or more policies issued to the State Treasurer specifically for this
				  purpose or, in the discretion of the State Treasurer, under one or more
				  policies issued to the State Treasurer which provide group life insurance
				  coverage for members of one or more retirement systems of the State of New
				  Jersey. Any dividend or retrospective rate credit allowed by an insurance
				  company attributable to the Group Life Insurance Plan shall be credited in an
				  equitable manner to the funds available to meet the employers' obligations
				  under the Alternate Benefit Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 17 - ALTERNATE BENEFIT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:7-17.3 - Beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except with
				regard to the payment of the Group Life Insurance Plan benefit upon the death
				of a retirant, a participant may elect, by making written request, that the
				whole or any part of his or her Group Life Insurance Plan benefits be made
				payable to his or her beneficiary either as a life annuity or in equal
				installments over a period of years specified in such election, and may alter
				such election from time to time during his or her lifetime by again making such
				written request. In the event of a change of beneficiary, any previous
				arrangement by the participant or retirant under this subsection shall be void.
				The election set forth in this subsection shall not apply or be available when
				the beneficiary is an estate, or a corporation, partnership, association,
				institution, trustee, or any fiduciary.
(b) If, at the participant's death, an amount
				of group life death benefit would be payable to the beneficiary in a single
				sum, any election with regard to such amount which was available to the
				participant immediately prior to his or her death in accordance with (a) above
				shall then be available to such beneficiary for the benefit of such
				beneficiary.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 17 - ALTERNATE BENEFIT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:7-17.4 - Life Insurance Premium Fund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Premiums for
				such group insurance coverage shall be paid from a special fund, hereby
				created, called the "Alternate Benefit Group Insurance Premium Fund." The State
				Treasurer shall estimate annually the amount that will be required for premiums
				for such benefits for the ensuing fiscal year and shall certify such amounts
				that shall be applied against the total employer contributions due for the
				participants from the several institutions where the Alternate Benefit Program
				is established, depositing such amounts in the Alternate Benefit Group
				Insurance Premium Fund.
(b) During
				the period such group insurance policy or policies are in effect with respect
				to participants in the Alternate Benefit Program, the State Treasurer shall in
				no way commingle moneys in this fund with any pension funds established under
				the Alternate Benefit Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.1 - Group long-term disability insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In accordance
				with the provisions of the Federal Age Discrimination in Employment Act and
				upon advice of the New Jersey Attorney General's Office and despite the
				provisions of
				18A:66-184, a participant
				enrolling the Alternate Benefit Program or a participant determined to be
				totally disabled after age 60, but under 70, will be eligible for long-term
				disability insurance benefits.
(b)
				A participant determined to be totally disabled shall be eligible for long-term
				disability benefits if the participant has completed one year of full-time
				continuous service in a designated Alternate Benefit Program position pursuant
				to 18A:66-184.
(c) The disability benefits provided shall
				commence after six months of continuous disability. The disability benefits
				shall terminate the earlier of:
1. The date
				the participant is no longer considered totally disabled;
2. The participant's retirement date;
				or
3. The participant's 70th
				birthday.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.2 - Benefit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As of July 1,
				1969, the group contract providing disability benefits for all participants in
				the Alternate Benefit Program of each public institution of higher education in
				the State shall be on a non-contributory basis and shall be in lieu of any
				non-contributory and contributory benefits provided pursuant to N.J.S.A.
				18A:64C-11.1 through 11.9 (inclusive) and article 16 of Chapter 65 of Title 18A
				of the New Jersey Statutes, P.L. 1967, c. 278 and 281, and P.L. 1968, c.
				181.
(b) The disability benefits
				provided under such group policy or policies for all eligible participants in
				the Alternate Benefit Program shall provide a monthly income if the participant
				becomes totally disabled from occupational or non-occupational causes for a
				period of at least six consecutive months following the effective date of the
				coverage. The monthly disability benefit may be paid by the insurance company,
				so long as the participant remains disabled up to his or her 70th birthday,
				provided the disability commenced prior to his or her 60th birthday. The
				benefit will terminate when the participant is no longer considered totally
				disabled, attains age 70, or begins to receive retirement benefits from this or
				any other State-administered retirement plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.3 - Amount of benefit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The disability
				benefits set forth in this subchapter shall be in an amount equal to 60 percent
				of the participant's base monthly salary at the onset of the disability,
				reduced by periodic benefits to which the participant may be entitled during
				the period of total disability. The minimum monthly disability benefit will be
				$ 50.00.
(b) The periodic benefits
				by which the monthly disability benefits may be reduced shall include salary or
				wages, retirement benefits, or benefits from any source for which the State or
				other public employer has paid any part of the cost or made payroll deductions,
				Social Security disability, or other benefits, including dependents' benefits,
				and benefits paid by Social Security at the option of the participant before
				the age of 65, but not including any increase in Social Security benefits
				enacted after the disability benefits under such group policy or policies have
				commenced, and any other periodic benefits provided by law except on account of
				military service.
(c) When a
				participant begins to receive disability benefits under such group policy or
				policies the insurance company will pay an amount equal to the employee
				contribution which would have been required of the participant and deducted
				from his or her base salary in order to meet his or her obligation to the ABP
				Retirement Plan. Such amount shall be paid by the insurance company without
				reduction by any other periodic benefits which the participant is eligible to
				receive. Such amount will be paid by the insurance company to the insurer or
				insurers for the participant's retirement annuity contract or contracts.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.4 - Base monthly salary for disability benefits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In
				determining disability benefits, base monthly salary for 12-month employees
				shall be 1/12 of the participant's last 12 months of salary on which employer
				contributions were remitted prior to the last day of work as a result of the
				disability.
(b) In determining
				disability benefits, base monthly salary for 10-month employees shall be 1/10
				of the participant's last 10 months of salary on which employer contributions
				were remitted prior to the last day of work as a result of the disability.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.5 - Definition of total disability

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The participant
				will be considered totally disabled if he or she is unable to perform each duty
				of his or her occupation and is under the regular care of a physician. After
				the 12 months following the commencement of such disability benefit payments,
				he or she must be unable to engage in any gainful occupation for which he or
				she is reasonably fitted by education, training, or experience. In any event,
				total disability is not considered to exist if he or she is gainfully employed.
				However, following an agreement with the insurance company and the
				policyholder, the participant can continue to receive disability benefits for a
				limited time while performing some type of work. During the period of
				rehabilitation the monthly benefit will be the regular payment less 80 percent
				of the participant's earnings from such rehabilitative position.
(b) For purposes of this section, a
				participant shall be deemed to be in service and covered by the disability
				benefit insurance provisions for a period of no more than six months while on
				official leave of absence without pay if satisfactory evidence is presented to
				the Division that such leave of absence without pay is due to illness and that
				the member was not actively engaged in any gainful occupation during such
				period of leave of absence without pay.
(c) Disability benefit insurance provisions
				of the group policy or policies shall not cover disability resulting from or
				contributed to by pregnancy, act of war, intentionally self-inflicted injury,
				or attempted suicide whether or not sane. For purposes of such disability
				insurance, the participant will not be considered to be disabled while he or
				she is imprisoned or while outside the United States, its territories, or
				possessions.
(d) If the participant
				has recovered from the disability for which he or she had received benefits and
				again becomes totally disabled while insured, the later disability will be
				regarded as a continuation of the prior one unless the participant has returned
				to full-time covered employment for at least six months. However, if the later
				absence is due to an unrelated cause and the participant had returned to
				full-time work, it will be considered a new disability. The disability benefit
				insurance cannot be converted to an individual policy.
(e) No person shall be covered by the
				disability benefit provision of the group policy or policies except upon the
				completion of one year of full-time continuous employment in a position
				eligible for participation in the Alternate Benefit Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.6 - Disability premium fund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As of July 1,
				1969, the State Treasurer is hereby authorized and permitted to purchase from
				one or more insurance companies, as determined by him or her, group life
				insurance and disability benefit coverage to provide for the disability
				benefits in the amounts specified in this chapter. Such disability benefit
				coverage may be provided under one or more policies issued to the State
				Treasurer specifically for this purpose or, in the discretion of the State
				Treasurer, under one or more policies issued to the State Treasurer which
				provide disability insurance coverage for members of one or more retirement
				systems of the State of New Jersey. Any dividend or retrospective rate credit
				allowed by an insurance company attributable to the Alternate Benefit Program
				shall be credited in an equitable manner to the funds available to meet the
				employers' obligations under the Alternate Benefit Program.
(b) Premiums for such group insurance
				coverage shall be paid from a special fund, hereby created, called the
				"Alternate Benefit Group Insurance Premium Fund." The State Treasurer shall
				estimate annually the amount which will be required for premiums for such
				benefits for the ensuing fiscal year and shall certify such amounts which shall
				be applied against the total employer contributions due for the participants
				from the several institutions where the Alternate Benefit Program is
				established, depositing such amounts in the Alternate Benefit Group Insurance
				Premium Fund.
(c) During the period
				such group insurance policy or policies are in effect with respect to
				participants in the Alternate Benefit Program, the State Treasurer shall in no
				way commingle moneys in this fund with any pension funds established under the
				Alternate Benefit Program.
(d) All
				reserves and moneys held by the insurance pension providers under the
				disability benefit policies providing for employer and employee contributions
				pursuant to the provisions of Chapters 64C and 65 of Title 18A of the New
				Jersey Statutes, P.L. 1967, c. 278 and 281 and P.L. 1968, c. 181, and any
				amendments and supplements thereto, as well as any accrued liabilities under
				such policies which may be terminated, shall be transferred and merged with
				those group policies purchased by the State Treasurer.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.7 - Credit by insurer; savings on commissions

Current through Register Vol. 56, No. 14, July 15, 2024
Notwithstanding any other provision of law, any insurance
				  company or companies, issuing a policy or policies under this subchapter may
				  credit the policyholder either directly or in the form of reduced premiums,
				  with savings by said company or companies in the event that no brokerage
				  commission or commissions are paid by said company or companies on the issuance
				  of such policy or policies.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 18 - ALTERNATE BENEFIT PROGRAM GROUP LONG-TERM DISABILITY BENEFIT PLAN › Section 17:7-18.8 - Certain employer obligations prohibited

Current through Register Vol. 56, No. 14, July 15, 2024
While any participant in the Alternate Benefit Program may
				  make personal contributions at any time directly to the insurers or mutual fund
				  companies of the individual retirement annuities, no employer obligations will
				  be paid when the participant is on a leave of absence without pay or when the
				  participant no longer meets the definition of a full-time officer or full-time
				  member of the faculty.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 19 - AMENDMENT › Section 17:7-19.1 - Program amendment

Current through Register Vol. 56, No. 14, July 15, 2024
Subject only to the New Jersey Constitution and
				  17:7-19.2, the Legislature has the
				  right to amend the Program at any time. To the extent consistent with the
				  enabling statute, the Treasurer of the State of New Jersey has the right to
				  amend the Program (including the terms of any Plan under the Program) and the
				  separate premium funds with respect to the Group Life Insurance Plan and Group
				  Long-Term Disability Plan at any time and/or to adopt rules and regulations
				  consistent with the Program and applicable law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 19 - AMENDMENT › Section 17:7-19.2 - Amendment cannot change exclusive benefit

Current through Register Vol. 56, No. 14, July 15, 2024
Any amendment of the Program shall not be effective to the
				  extent that the amendment has the effect of causing any Program assets to be
				  diverted to or inure to the benefit of the State, the Plan Administrator, or
				  any employer, or to be used for any purpose other than providing benefits to
				  participants and beneficiaries in each respective plan in the Program, and
				  defraying reasonable expenses of administering such Plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.1 - Construction and interpretation of Program

Current through Register Vol. 56, No. 14, July 15, 2024
The provisions of this subchapter govern the construction or
				  interpretation of this Program. This subchapter shall apply for all provisions,
				  and shall supersede any other construction or interpretation rules.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.2 - Construction of ABP Retirement Plan as a qualified plan-ABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Sponsor intends that the ABP Retirement Plan conform to the Internal Revenue
				Code's requirements for Federal tax treatment under IRC §§ 401(a) and
				414(d), with employee contributions picked-up under an arrangement consistent
				with IRC § 414(h)(2). Therefore, the Plan Administrator will construe and
				interpret the ABP Retirement Plan to conform to the requirements of IRC §
				401, as applicable to a governmental plan under IRC § 414(d). When the
				Internal Revenue Code is amended through subsequent legislation, the Plan
				Administrator will construe and interpret the ABP Retirement Plan consistent
				with such amendment.
(b) To the
				extent required for the ABP Retirement Plan to qualify under IRC § 401(a),
				the provisions of this chapter shall be construed, consistent with Treasury
				Reg. § 1.401-1(b)(1)(ii), to provide:
1.
				A definite pre-determined formula for allocating contributions;
2. Crediting of actual investment earnings
				(and losses) to accounts, based upon investment options chosen;
3. Periodic valuation of Plan assets
				(including investment options) and trust assets at least once each
				year;
4. Periodic valuation of
				accounts at least once each year; and
5. Distribution of accounts after the
				occurrence of defined events.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.3 - Conformance with Federal statutes-ABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The ABP
				Retirement Plan has been drafted as a governmental plan intended to conform to
				the applicable requirements of the Uruguay Round Agreement Act,
				Pub. L.
				103-465; the Uniformed Services Employment and
				Reemployment Rights Act of 1994, 38 U.S.C. §§ 43 et seq.; the Small
				Business Job Protection Act of 1996,
				Pub. L.
				104-188; the Taxpayer Relief Act of 1997,
				Pub. L.
				105-34; the Internal Revenue Service Restructuring
				and Reform Act of 1998, Pub. L. 105-206; and the
				Community Renewal Tax Relief Act of 2000,
				Pub. L.
				106-554. Furthermore, the ABP Retirement Plan is
				amended to comply with certain provisions of the Economic Growth and Tax Relief
				Reconciliation Act of 2001 (EGTRRA),
				Pub. L.
				107-16; the Pension and Protection Act of 2006
				(PPA), Pub. L.
				109-280; the Heroes Earnings Assistance and Relief
				Tax Act of 2008 (HEART), Pub. L. 110-245; and the
				Worker, Retiree, and Employer Recovery Act of 2008 (WRERA),
				Pub. L.
				110-458.
(b) Except as otherwise specifically provided
				in this chapter, this chapter establishes the rights and obligations with
				respect to individuals who are employees on and after such dates, as
				applicable, and to transactions under the ABP Retirement Plan on and after such
				dates, as applicable. The rights and benefits, if any, of individuals who are
				not employees on or after such dates, as applicable, shall be determined in
				accordance with the terms and provisions of the ABP Retirement Plan that were
				in effect on the date that their employment terminated, except as otherwise
				specifically provided in this chapter or in a subsequent amendment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.4 - Conformance with enabling statute

Current through Register Vol. 56, No. 14, July 15, 2024
The Program is established and maintained with the intent
				  that the Program, and each Plan established under the Program conform to the
				  applicable requirements of the enabling statute. The provisions of the Program
				  shall be interpreted whenever possible to state provisions that conform to the
				  applicable requirements of the enabling statute. When the enabling statute is
				  amended or interpreted through subsequent legislation or regulations or an
				  attorney general opinion, the Program should be construed as consistent with
				  such amendment or interpretation of the applicable law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.5 - Reference to statutes and regulations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any reference
				to a section of the Internal Revenue Code shall be construed to also refer to
				any successor provision. Any reference to a section of Treasury regulations
				shall be construed to also refer to any successor provision of such Treasury
				regulations. Any reference to a Revenue Ruling or Revenue Procedure or IRS
				Notice or IRS Announcement shall be construed to also refer to any guidance of
				general applicability that extends, amplifies, or modifies the Revenue Ruling
				or Revenue Procedure or IRS Notice or IRS Announcement.
(b) The Program refers to relevant
				regulations, including, but not limited to, Treasury regulations under the
				Internal Revenue Code, without regard to whether the regulations are
				substantive or interpretive and without regard to whether the regulations are
				proposed, temporary, or final; but it is intended that any provision that
				refers to a regulation shall be construed to refer to the regulation in the
				sense of the appropriate legal effect (under administrative procedure law and
				otherwise) that the regulation currently has at the time the construction is
				made.
(c) To the extent that a
				provision states a duty owed to any government (rather than a duty to a
				participant or beneficiary or other person or entity having an interest under
				the Program), the provision shall be construed as directory and shall be
				enforced only by such government. However, a provision that is necessary for
				the ABP Retirement Plan to meet the requirements of a qualified plan within the
				meaning of IRC § 401(a) includes a duty owed to participants and
				beneficiaries and is not directory.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.6 - Consistent with investment law

Current through Register Vol. 56, No. 14, July 15, 2024
Whenever, after applying the specific construction rules of
				  any definition or provision or part and the general construction rules stated
				  in this subchapter, the ABP Retirement Plan may be susceptible to more than one
				  construction or interpretation, a construction or interpretation that is
				  consistent with or that is not inconsistent with applicable investment law is
				  preferred over a construction or interpretation that is inconsistent with
				  applicable investment law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.7 - Statute of limitations

Current through Register Vol. 56, No. 14, July 15, 2024
As to any action at law or in equity under or with respect
				  to this Program, the action shall be governed by (or precluded by) the relevant
				  statute of limitations according to New Jersey law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.8 - Venue

Current through Register Vol. 56, No. 14, July 15, 2024
If any person bound by the Program under
				  17:7-11.1 5 or otherwise brings
				  any proceeding against the Plan Administrator or the Board, such person submits
				  to exclusive venue in the New Jersey courts sitting at Trenton, New Jersey.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.9 - Construction of words and phrases

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The headings
				and numbering of provisions in the Program and text that is stated within
				parenthesis are included solely for convenience of reference and are not
				intended to limit, amplify, or affect the construction of any provision of the
				Program.
(b) The phrases "under the
				Program," "under the Plan," "under this Program" or "under this Plan" refer to
				the entire Program or Plan as a whole, as applicable, and not merely to any
				part of any subchapter or section in which the phrase appears. Any reference to
				a part of this chapter refers to the whole chapter. Any reference to a
				definition or provision of this chapter refers to the whole definition or
				provision, unless the reference specifies a particular portion or paragraph of
				the provision.
(c) The singular
				shall be construed to include the plural, unless the context clearly indicates
				otherwise.
(d) The words "as" or
				"if" shall be construed to mean the phrase, "to the extent that," as
				appropriate in the context.
(e) Any
				reference to the Plan Administrator shall be construed to refer to a DSP to the
				extent that the DSP is authorized to act on behalf of or under the direction of
				the Plan Administrator.
(f) Unless
				the provision states otherwise, any reference to a person or party shall be
				construed to refer also to any non-natural person or any entity including, but
				not limited to, any trust or estate.
(g) Any reference to a corporation or similar
				organization shall be construed to include any successor to the corporation or
				similar organization.
(h) If any
				provision concerning a benefit under the Program is ambiguous, a construction
				or interpretation of the provision that would provide that such benefit is
				available in a non-discriminatory manner shall take precedence over a
				construction or interpretation that would not so provide.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:7-20.10 - Conformance with United States of America Constitution and New Jersey Constitution

Current through Register Vol. 56, No. 14, July 15, 2024
When applying any of the preceding construction rules
				  relating to the Internal Revenue Code or the enabling statute, the Plan
				  Administrator need not consider any statute or regulation or order to the
				  extent that its application is contrary to the Constitution of the United
				  States of America or is contrary to the Constitution of the State of New
				  Jersey.