New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 9 - ROLLOVERS AND TRANSFERS-ABP RETIREMENT PLAN › Section 17:7-9.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
For purposes of this subchapter, the following definitions
				  shall apply:
"Eligible Retirement Plan" is any program defined in IRC
				  §§ 401(a)(31) and 402(c)(8)(B) that accepts the distributee's
				  eligible rollover distribution, as follows:
1. An individual retirement account under IRC §
				  408(a);
2. An individual retirement annuity under IRC § 408(b)
				  (other than an endowment contract);
3. A Roth individual retirement plan under IRC §
				  408A;
4. A qualified trust under IRC § 401(a) (so long as the
				  Plan agrees to separately account for amounts rolled into the Plan);
5. An annuity plan under IRC § 403(a) (so long as the
				  Plan agrees to separately account for amounts rolled into the Plan);
6. An eligible deferred compensation plan under IRC §
				  457(b), which is maintained by an eligible governmental employer under IRC
				  § 457(e)(1)(A) (so long as the Plan agrees to separately account for
				  amounts rolled into the Plan); and
7. An annuity contract under IRC § 403(b) (so long as
				  the Plan agrees to separately account for amounts rolled into the Plan).
A "distributee" includes an employee or former employee. In
				  addition, the employee's or former employee's surviving spouse and the
				  employee's or former employee's spouse or former spouse who is the alternate
				  payee under a qualified domestic relations order, as defined in IRC §
				  414(p), are distributees with regard to the interest of the spouse or former
				  spouse. A distributee also includes the participant's non-spouse designated
				  beneficiary (including, without limitation, a civil union partner) under
				  N.J.A.C. 17:7-22. In the case of a non-spouse beneficiary, the direct rollover
				  may be made only to an individual retirement account or annuity (IRA) described
				  in IRC § 408(a) or § 408(b) that is established on behalf of the
				  designated non-spouse beneficiary and that will be treated as an inherited IRA
				  pursuant to the provisions of IRC § 402(c)(11). Also, in this case, the
				  determination of any required minimum distribution under IRC § 401 (a)(9)
				  that is ineligible for rollover shall be made in accordance with Notice 2007-7,
				  Q&A 17 and 18, 2007-5 I.R.B. 395.
"Eligible rollover distribution" is any distribution from the
				  ABP Retirement Plan of any portion of the balance to the credit of the
				  distributee, except that an eligible rollover distribution does not
				  include:
1. Any distribution that is one of a series of substantially
				  equal periodic payments (not less frequently than annually) made for the life
				  (or life expectancy) of the distributee or the joint lives (or joint life
				  expectancies) of the distributee and the distributee's designated beneficiary,
				  or for a specified period of 10 years or more;
2. Any distribution to the extent such distribution is
				  required under IRC § 401(a)(9); or
3 . The portion of any distribution that is not includible in
				  gross income, provided that any portion of any distribution that is not
				  includible in gross income may be an eligible rollover distribution for
				  purposes of a rollover to either:
i. A traditional individual retirement account or individual
				  retirement annuity under IRC § 408(a) or § 408(b); or
ii. A qualified trust, which is part of a plan that is a
				  qualified plan under IRC § 401 (a) or a 403(b) annuity contract that will
				  separately account for the distribution, including the taxable and non-taxable
				  portions of the distribution, in a direct trustee-to-trustee transfer.