reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.3 - Employer contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The employer
				contribution(s) will be made be as follows:
1. Based on a certification to the Division
				by Rutgers, the State University; Rowan University; University Hospital; and
				the New Jersey Institute of Technology of the number and base salary of
				participants, the Division shall authorize the State to make payment of the
				employer contributions to the ABP Retirement Plan at a rate equal to eight
				percent of the participant's base salary, except the amount of the contribution
				shall not exceed eight percent of the maximum salary for department officers
				established pursuant to section 1 of P.L. 1974, c. 55 (
52:14-15.1 07
), which
				moneys shall be paid to the pension providers for the benefit of each
				participant.
2. Based on a
				certification by the Division of the number and base salary of participants
				employed by the State and county colleges, the State shall make payment of the
				employer contributions to the ABP Retirement Plan at a rate equal to eight
				percent of the participant's base salary, except the amount of the contribution
				shall not exceed eight percent of the maximum salary for department officers
				established pursuant to section 1 of P.L. 1974, c. 55 (52:14-15.1 07), which moneys shall
				be paid to the pension providers for the benefit of each participant.
3. For a member of the Public Employees'
				Retirement System employed by the county colleges, who is defined in the rules
				of the Division as a full-time member of the faculty and who is permitted to
				transfer his or her membership and does so, the State shall pay the employer
				contribution to the ABP Retirement Plan at a rate equal to eight percent of the
				participant's base salary, except the amount of the contribution shall not
				exceed eight percent of the maximum salary for department officers established
				pursuant to section 1 of P.L. 1974, c. 55 (52:14-15.1 07).
4. For any non-academic employee of a county
				college who is eligible for the Alternate Benefit Program according to the
				rules of the Division, the county college shall pay the employer contribution
				to the ABP Retirement Plan on the employee's behalf in the same manner as the
				State, pursuant to this section.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.4 - Contributions transmitted to designated service provider for ABP Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as
				provided in
				17:7-5.1, employer and employee
				contribution amounts for intervals shall be transmitted to the designated
				service provider by the respective employer for crediting to the participant's
				account not later than the fifth business day after the date on which the
				participant is paid for the period of the reduction, as determined by the
				respective employer.
(b)
				Limitations concerning
				26 U.S.C. §
										414(h) salary deductions
				are:
1. Salary deductions will be calculated
				on the full base salary if the participant earns 50 percent or more of base
				salary during a pay period; and
2.
				If a person earns less than 50 percent of full base salary during a pay period,
				no base salary deductions will be reported to the Division.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.5 - Allocation of contributions to participant's account in Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The DSP shall
				credit to each participant's account (and each applicable sub-account) the
				contributions actually received with respect to the participant. Such
				contributions shall be invested in the investment option or options as elected
				by the participant, or in the default investment option designated for the Plan
				year, if the participant has made an invalid or incomplete investment election,
				in accordance with rules and procedures promulgated by the Plan
				Administrator.
(b) The following
				sub-accounts shall be maintained by the DSP:
1. An employer account to which employer
				contributions (and associated investment earnings and administrative expenses,
				if any) shall be credited or debited, as applicable;
2. An employee account to which employee
				contributions (and associated investment earnings and administrative expenses,
				if any) shall be credited or debited, as applicable; and
3. A rollover account to which rollovers (and
				associated investment earnings and administrative expenses, if any) shall be
				credited or debited, as applicable.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.6 - Contributions limited by IRC Section 401(a)(17) - ABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
In addition to other applicable limits stated by the ABP
				  Retirement Plan and notwithstanding any other provision of the ABP Retirement
				  Plan document to the contrary, the amount of base salary determined for the
				  purposes of the contributions to the Retirement Plan for any Plan year shall
				  not exceed the limit prescribed by IRC § 401(a)(17) for the calendar year
				  in which the Plan year begins, as adjusted each calendar year according to IRC
				  § 401(a)(17)(B). This provision is subject to
				  43:3C-9.4.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.7 - Limit on annual additionsABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To the
				extent required under IRC § 415(c), in no event shall the "annual
				addition," as defined in this section for a participant for any Plan year,
				exceed the lesser of:
1. Forty-five thousand
				dollars, as adjusted; or
2. One
				hundred percent of the "compensation," as defined in this section, of such
				participant received during the Plan year.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 6 - VESTING AND FORFEITURE-ABP RETIREMENT PLAN ONLY › Section 17:7-6.1 - Vesting schedules

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Division
				may, in its sole discretion, qualify the ABP Retirement Plan under IRC §
				401(a) of the Federal Internal Revenue Code (
				26 U.S.C.
				§
										401(a) ). In such a
				case, all contributions to the retirement annuity contracts shall be made as
				soon as the employee is eligible and has filed application forms required by
				the annuity pension provider.
1. A
				participant's interest in that portion of his or her account attributable to
				employee contributions shall immediately become and shall at all times remain
				fully vested and nonforfeitable.
2.
				A participant's interest in that portion of his or her account attributable to
				employer contributions shall become and shall remain fully vested and
				non-forfeitable on the date the participant commences the second year of
				employment. However, if at the time of the participant's initial employment,
				the participant either participates in a program substantially similar to the
				ABP Retirement Plan or is a member of another State-administered pension fund
				or retirement system, the participant's interest in that portion of his or her
				account attributable to employer contributions shall be immediately and fully
				vested.
3. Notwithstanding the
				vesting schedule described in (a)2 above, a participant's interest in that
				portion of his or her account attributable to employer contributions shall be
				vested and non-forfeitable upon his or her attainment, while employed by an
				employer, of age 65.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 6 - VESTING AND FORFEITURE-ABP RETIREMENT PLAN ONLY › Section 17:7-6.2 - Delayed vested contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employer
				contributions during a participant's first year of employment, including
				earnings credited thereto, shall be held in delayed vested status with the DSP
				specified by the participant. The first year of employment is considered to be
				completed after the participant has received credit in the Retirement Plan for
				12 months of service.
(b) A
				participant who is in delayed vested status shall be ineligible to engage in
				the following transactions:
1. Loans from the
				ABP Retirement Plan;
2. Transfers
				of account accumulations between pension providers; and
3. Investments of employee contributions with
				more than one pension provider.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 6 - VESTING AND FORFEITURE-ABP RETIREMENT PLAN ONLY › Section 17:7-6.3 - Forfeitures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Forfeitures of
				non-vested and other amounts under the ABP Retirement Plan shall be used to
				reduce future employer contributions to the ABP Retirement Plan with respect to
				the participant's employer. Forfeitures shall not be reallocated among the
				accounts of participants.
(b) The
				delayed-vested portion of a terminated participant's account attributable to
				employer contributions shall be forfeited at the time of termination. Such
				forfeitures shall be applied to the current or next succeeding employer
				contribution to the pension provider underwriting the terminated participant's
				contract. Repurchase account forfeitures, plus or minus any gains or losses
				from investment by the pension provider, should be reported to the Division in
				the ABP Retirement Plan Employer Contribution Report. The reimbursement of a
				subsequent ABP Retirement Plan Employer Contribution Report shall be reduced by
				the reported forfeiture amount.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 6 - VESTING AND FORFEITURE-ABP RETIREMENT PLAN ONLY › Section 17:7-6.4 - Forfeiture of employer contributions for dishonorable service

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In accordance
				with 43:1-3 and
				17:1-6.1, the receipt of a public
				pension or retirement benefit is expressly conditioned upon the rendering of
				honorable service by a public officer or employee. Therefore, a member's
				dishonorable service will result in a total or partial forfeiture of the
				retirement benefits under the ABP Retirement Plan, as determined by the Plan
				Administrator.
1. When a member is indicted
				or dismissed, the matter shall be referred to the Director of the Division to
				determine the status of any claim which may be filed by the member.
2. No credit shall be granted for the period
				during which the member's salary has been terminated while under indictment or
				suspension, until the outcome of the proceedings determines the basis for the
				award of such credit, if any.
3.
				All claims for retirement, death benefits and the return of contributions
				cannot be processed until the matter has been completely resolved to the
				satisfaction of the Director of the Division of Pensions and Benefits.
				Resolution of the indictment, dismissal, or other charges must be verified by
				contact with the county Prosecutor's Office, the Attorney General's Office, the
				Department of Education, the Civil Service Commission, or other responsible
				agencies.
4. Likewise, in cases
				where anything pertaining to a member's employment is in litigation, or under
				appeal, the matter shall be held in abeyance until the Division determines if
				claims can be processed or whether the processing of such claims are to be
				postponed pending a final resolution of the litigation or appeal.
5. If an indictment regarding charges related
				to a member's public employment is received by the Division after the member's
				date of retirement, the Director of the Division may suspend retirement
				benefits pending the outcome of the indictment.
6. Where an individual's pension has been
				forfeited for dishonorable service, any monies accrued in the employer account
				designated for such individual shall be forfeited. The individual shall retain
				amounts in his or her employee account, including earnings.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 6 - VESTING AND FORFEITURE-ABP RETIREMENT PLAN ONLY › Section 17:7-6.5 - Vesting rules

Current through Register Vol. 56, No. 14, July 15, 2024
The ABP Retirement Plan shall be construed consistently with
				  IRC § 401(a)(7) as in effect on September 1, 1974.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 7 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:7-7.1 - QDRO procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon receipt of
				a certified copy of a domestic relations order as defined in
				26 U.S.C. §
										414(p), directed to the ABP
				Retirement Plan or ACTS, the Plan Administrator, or (to the extent authority is
				so delegated to it) the DSP, will take the following steps:
1. The Plan Administrator will promptly
				notify the participant or retiree and each alternate payee of receipt of an
				order and the ABP Retirement Plan's or ACTS' procedures for deciding whether an
				order is a QDRO.
2. On receipt by
				the Plan Administrator of an order and during the period in which the Plan
				Administrator has not yet determined whether an order is a QDRO, the Plan
				Administrator will not instruct any payment that would be inconsistent with the
				order to the extent that the order might be a QDRO.
3. The Plan Administrator will continue the
				participant's investment direction until the Plan Administrator makes its
				determination.
4. The Plan
				Administrator will determine, with the advice of legal counsel to the extent
				necessary, whether the order is a QDRO, considering the factors set forth in
				17:7-9.3.
5. If the Plan Administrator determines an
				order is a QDRO, it will:
i. Send notice to
				the participant and each alternate payee;
ii. Keep ABP Retirement Plan or ACTS accounts
				consistent with the QDRO; and
iii.
				Instruct the pension provider to pay the distribution provided by the
				QDRO.
6. If the Plan
				Administrator determines an order is not a QDRO, it will not instruct any
				distribution from the participant's account for a period of 18 months, unless
				the alternate payee either releases a claim to the benefits or such an escrow
				is resolved by the Plan Administrator in a manner consistent with the
				QDRO.
7. The Plan Administrator may
				delay the commencement of its consideration of any order until the later of the
				date that is 30 days after receipt of the signed, certified order, or 30 days
				after the date of the order or the date that the Plan Administrator is
				satisfied that all rehearing and appeal rights on the order have
				expired.
8. Any fee(s) for a QDRO
				charged by a DSP will be deducted and paid from the participant's account.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 7 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:7-7.2 - Age of alternate payee

Current through Register Vol. 56, No. 14, July 15, 2024
Consistent with IRC § 414(p)(4), an order does not fail
				  to be a QDRO solely because the order directs a distribution or payment to be
				  paid or payable to the alternate payee at a time that is earlier than the
				  participant's earliest retirement age. The alternate payee may request a
				  distribution at any time after the QDRO is approved.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 7 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:7-7.3 - Required findings for QDRO

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An order will
				not be determined by the Plan Administrator to be a QDRO unless the Plan
				Administrator finds that:
1. The order does
				not require the ABP Retirement Plan or ACTS to provide any type or form of
				benefit or any option not otherwise provided under that Plan;
2. The order does not require the ABP
				Retirement Plan or ACTS to provide an increased benefit;
3. The order does not require the payment of
				benefits to an alternate payee that are required to be paid to another
				alternate payee under another order that the Plan Administrator (or a state
				court) previously determined to be a QDRO; and
4. The order clearly specifies:
i. The name and the last known mailing
				address (if any) of the participant, and the name and the mailing address of
				each alternate payee;
ii. The
				amount or percentage, or the manner in which the amount or percentage is to be
				determined, of the participant's account to be paid (or payable) to each
				alternate payee; and
iii. The form
				of payment, and the number of payments, or period to which the order
				applies.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 7 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:7-7.4 - Investment direction during domestic relations matter

Current through Register Vol. 56, No. 14, July 15, 2024
Notwithstanding any notice to the Plan Administrator or to
				  any other person dealing with or performing services regarding the ABP
				  Retirement Plan or ACTS that a domestic relations order is or may be presented
				  to be determined as a QDRO, the participant shall continue to exercise his or
				  her duty of investment direction as required by the ABP Retirement Plan or ACTS
				  unless a court order expressly provides otherwise and the Plan Administrator
				  determines that the court order is a QDRO. If a QDRO provides for an alternate
				  payee or any person other than the participant to have a right of investment
				  direction under the ABP Retirement Plan or ACTS, the Plan Administrator shall
				  give effect to that court order to the extent permitted by the ABP Retirement
				  Plan or ACTS.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 7 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:7-7.5 - Inability to locate alternate payee

Current through Register Vol. 56, No. 14, July 15, 2024
An alternate payee is responsible for maintaining a current
				  residence address on file with the Plan Administrator and the DSP. The Plan
				  Administrator has no duty to locate any alternate payee other than by sending
				  written notice to the last known address on file with it.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.1 - Distribution and repurchase

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The ABP
				Retirement Plan shall provide an option for cash surrender upon a participant's
				severance from employment. The cash surrender shall be applicable only for
				employee contributions and accumulations prior to the participant's 55th
				birthday. However, the cash surrender option shall be applicable to the full
				amount of all employee and employer contributions and accumulations after the
				participant's 55th birthday.
(b) In
				the event a participant in the ABP Retirement Plan terminates his or her
				employment for reasons other than retirement or disability and requests cash
				out of his or her annuity or annuities after the participant's 55th birthday,
				such cash-out amounts shall be allowed provided it meets the conditions under
				which the insurer or mutual fund company will repurchase annuities
				automatically.
1. Upon a participant's
				severance from employment, the participant is entitled to apply to receive his
				or her vested account(s) under the ABP Retirement Plan in a single sum
				distribution or, if permitted by the Plan Administrator, in a uniform manner
				with respect to participants similarly situated, in any other payment option,
				if any. The Plan Administrator shall prescribe the payment option(s), if any,
				in addition to the single sum distribution and the rules for determining the
				payments under any such payment options. The Plan Administrator may, but shall
				not be required to, permit a participant to postpone distribution of his or her
				account, but not beyond the required beginning date (as defined in
				17:7-8.3 ).
2. Upon a participant's death with
				undistributed amounts in his or her ABP Retirement Plan Account, such amounts
				will be distributed in a single sum to the participant's designated
				beneficiaries, as soon as practicable following the receipt of notice by the
				Plan Administrator of the participant's death. Notwithstanding the foregoing,
				the Plan Administrator may, but is not required to, promulgate rules regarding
				the distribution of amounts in a participant's account following his or her
				death other than in an immediate single sum distribution, in a payment option
				consistent with
				17:7-10.2.
3. Membership or participation in the
				Retirement Plan shall terminate and the individual shall be considered retired
				once he or she has elected to receive a cash distribution of the value of his
				or her accounts in a direct payout as a cash distribution, a rollover, or an
				annuity (or a combination of these distributions). Any such distribution shall
				only occur upon severance from employment, unless the individual is a
				participant in a transition to retirement program that meets the requirements
				of N.J.A.C. 17:7-8.11.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.3 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
As used in this subchapter, the following terms shall have
				  the following meanings, unless the context clearly indicates otherwise.
"Designated beneficiary" means the individual who is
				  designated as the beneficiary under this Program.
"Required beginning date" means the April 1 of the calendar
				  year following the later of:
1. The calendar year in which the participant attains age 70
				  1/2; or
2. The calendar year in which the participant incurs a
				  severance from employment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.4 - Default retirement distribution

Current through Register Vol. 56, No. 14, July 15, 2024
If a distribution is required to begin according to
				  17:7-8.2 and the participant has
				  not filed a claim by the date that is 90 days before the participant's required
				  beginning date (as defined in
				  17:7-8.3 ), or if the Plan
				  Administrator has denied a claim and an acceptable claim has not been filed
				  before the applicable date, the Plan Administrator shall direct payment in a
				  single sum distribution to the participant or beneficiary, as the case may be.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.5 - Minimum distribution life expectancy

Current through Register Vol. 56, No. 14, July 15, 2024
If an annuity payment option is permitted by the Plan
				  Administrator, then the participant, alternate payee, or beneficiary may elect
				  on the applicable form whether to recalculate life expectancy (or any element
				  of it) to the fullest extent permitted by IRC § 401(a)(9)(D). If the
				  participant, alternate payee, or beneficiary does not timely make this
				  election, the participant, alternate payee, or beneficiary is deemed to have
				  elected the "default" method specified by the applicable annuity payment option
				  with respect to an investment option, or to the extent that no method is so
				  specified, that no recalculation shall apply with respect to any individual's
				  life expectancy.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.6 - Minimum distribution period

Current through Register Vol. 56, No. 14, July 15, 2024
If a participant has not furnished evidence of his or her
				  spouse's date of birth, the plan administrator, or designated service provider
				  will use the participant's age in determining the minimum distribution period
				  according to Treasury regulation § 1.401(a)(9)-5, Q&A-4(a) without
				  regard to Treasury regulation § 1.401(a)(9)-5, Q&A-4(b).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.7 - Distributions in cash-ABP Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
All distributions shall be paid in cash, less required
				  withholding.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.8 - Election to receive cash distribution

Current through Register Vol. 56, No. 14, July 15, 2024
An election to receive cash distribution, as set forth in
				  18A:66-175, will include an
				  election to transfer, or rollover, funds upon separation from service to an
				  investment provider or to investment products not offered as part of the
				  Alternate Benefit Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.9 - Corrective distributions

Current through Register Vol. 56, No. 14, July 15, 2024
The amounts corrected by a corrective distribution are
				  disregarded for all purposes of the ABP Retirement Plan, except as otherwise
				  expressly provided by the ABP Retirement Plan. A corrective distribution cannot
				  be counted as a required minimum distribution under IRC § 401(a)(9). A
				  corrective distribution is not an eligible rollover distribution (as that term
				  is used in
				  17:7-9.1 ). A corrective
				  distribution includes, but is not limited to, a corrective disbursement under
				  Treasury regulation § 1.415-6(b)(6) or IRS Rev. Proc.
				  92-93.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.10 - Required minimum distribution waiver of 2009-ABP Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding
				any other provisions of this subchapter, a participant or beneficiary who would
				have been required to receive required minimum distributions for 2009 but for
				the enactment of 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's designated
				beneficiary, or for a period of at least 10 years (Extended 2009 RMDs), will
				not receive those 2009 distributions unless the participant or beneficiary
				elects to receive such distribution. Participants and beneficiaries descsribed
				in the preceding sentence will be given the opportunity to elect to receive the
				distributions described in the preceding sentence.
(b) Notwithstanding any other provisions of
				the Plan, and solely for purposes of applying the rollover provisions of the
				Plan, 2009 RMDs (amounts that would have been required minimum distributions
				for 2009 but for the enactment of IRC § 401(a)(9)(H)) and Extended 2009
				RMDs (one or more payments in a serises 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's designated beneficiary, or
				for a period of at least 10 years), will be treated as eligible rollover
				distributions as provided in
				17:7-9.1.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 8 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS-ABP RETIREMENT PLAN › Section 17:7-8.11 - Transition to retirement programs

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				Members will be permitted to file for retirement from the ABP, and receive
				benefits under the ABP, if the member participates in a transition to
				retirement program (TTRP) adopted by the employer that meets the following
				minimum requirements:
1. Members must meet
				the eligibility requirements for transition to retirement programs provided
				below:
i. Members must be full-time tenured
				faculty who are at least 59 1/2 years of age;
ii. Members must have served a minimum of 10
				years at a college or university;
iii. Members who wish to participate in the
				program must submit the request to retire under the terms of the TTRP to their
				employer no later than April 1 of the calendar year preceding the academic year
				in which they wish to participate in the program;
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 9 - ROLLOVERS AND TRANSFERS-ABP RETIREMENT PLAN › Section 17:7-9.1 - Direct rollover of funds to other plans

Current through Register Vol. 56, No. 14, July 15, 2024
Consistent with IRC § 401(a)(31), for any distribution
				  that is an eligible rollover distribution, the distributee may elect, at the
				  time and in the manner prescribed by the Plan Administrator, to instruct the
				  designated service provider to have any portion of an eligible rollover
				  distribution paid directly to an eligible ABP Retirement Plan specified by the
				  distributee.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 9 - ROLLOVERS AND TRANSFERS-ABP RETIREMENT PLAN › Section 17:7-9.3 - Rollover of funds from other plans-ABP Retirement Plan and ACTS

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The ABP
				Retirement Plan and ACTS will accept participant rollover contributions and/or
				direct rollovers of eligible rollover distributions made after December 31,
				2001, as described below:
1. Pre-tax
				contributions from a qualified plan described in IRC §§ 401(a),
				401(k), or 403(a), an annuity contract described in IRC § 403(b), and an
				eligible deferred compensation plan described in IRC § 457(b) which is
				maintained by an eligible governmental employer under IRC § 457(e)(1)(A);
				and
2. A participant rollover of
				the portion of a distribution from an individual retirement account or annuity
				described in IRC § 408(a) or § 408(b) that is eligible to be rolled
				over and would otherwise be includible in gross income.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 9 - ROLLOVERS AND TRANSFERS-ABP RETIREMENT PLAN › Section 17:7-9.4 - Eligible rollover distribution payable without delay-ABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
The Plan Administrator may (but is not required to)
				  authorize commencement of the eligible rollover distribution less than 30 days
				  after giving an eligible rollover distribution notice only if the following
				  requirements are met. To the extent required by IRC § 402(f) and Treasury
				  Reg. § 1.402(c)-2, the Plan Administrator or designated service provider
				  must inform the distributee in an eligible rollover distribution notice or
				  otherwise that the distributee has a right to a period of at least 30 days
				  after receiving the eligible rollover distribution notice to consider the
				  decision of whether to elect such a distribution and any available payment
				  option, and the distributee after receiving the eligible rollover distribution
				  notice must affirmatively elect such a distribution.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.1 - Authority of Plan Administrator

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator has full and complete authority and discretion to control and
				manage the operation of the Program. The Plan Administrator has any and all
				powers as may be necessary or advisable to discharge its duties under the
				Program, and has complete discretionary authority to decide all matters and
				questions under the Program.
(b)
				Without limiting the comprehensive effect of (a) above, the Plan
				Administrator's discretionary decisions may include, but shall not be limited
				to, any decision as to:
1. Whether a natural
				person is an employee;
2. Whether
				an employee belongs to a particular employment classification;
3. Whether an employee is an eligible
				employee, the amount of a participant's base salary, and the amount of
				contributions to be made;
4.
				Whether an amount of contributions exceeds the limits prescribed by the ABP
				Retirement Plan or applicable law;
5. Whether a payment option is an annuity
				payment option;
6. Whether a
				participant has a severance from employment;
7. Whether a beneficiary designation is valid
				or effective, and who is the proper beneficiary;
8. Whether a participant or beneficiary is a
				minor or incompetent, the person who is a proper recipient for a participant or
				beneficiary who is a minor or an incompetent; and
9. Whether any power-of-attorney is effective
				and acceptable to act with respect to the Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.2 - DSP responsibilities

Current through Register Vol. 56, No. 14, July 15, 2024
Each DSP will be responsible for participant communication,
				  administration, recordkeeping, and investment management services as set forth
				  in the applicable RFP and response/proposal submitted by the DSP and the
				  contracts entered into pursuant to those documents.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.3 - Plan Administrator responsibilities

Current through Register Vol. 56, No. 14, July 15, 2024
The Plan Administrator is responsible for performing or
				  delegating to the DSP all duties required for the operation of the Program and
				  each Plan under the Program. The Plan Administrator is responsible for
				  supervising the performance of the DSP.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.4 - Information from employer

Current through Register Vol. 56, No. 14, July 15, 2024
To enable the Plan Administrator to perform his or her
				  responsibilities, the employer shall promptly provide to the Plan Administrator
				  complete and accurate information on any matter that is required by the Plan
				  Administrator in order to make any decision or determination under the Program.
				  The Plan Administrator shall rely upon this information as supplied by the
				  employer, and shall have no duty or responsibility to verify this information.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.5 - Plan Administrator may delegate or contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To the extent
				permitted by the enabling statute or other State law, the Plan Administrator
				may, except when expressly prohibited by this Program, delegate any of his or
				her duties to any DSP or employer, as appropriate.
(b) The Plan Administrator may contract with
				any person to provide services to assist in the administration of the Program.
				The Plan Administrator must make such contracts in compliance with the enabling
				statute and other applicable State and local law.
(c) Any person other than the Plan
				Administrator who performs services regarding the Program, including, but not
				limited to, a DSP, is subject to the supervision and direction of the Plan
				Administrator, and does not have authority to control the operation of the
				Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.6 - Right to terminate the Program

Current through Register Vol. 56, No. 14, July 15, 2024
The State Legislature may terminate or discontinue the
				  Program, or any Plan under the Program at any time.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 10 - PLAN ADMINISTRATION-ABP PROGRAM › Section 17:7-10.7 - Final allocation

Current through Register Vol. 56, No. 14, July 15, 2024
If on termination of the ABP Retirement Plan any amount is
				  not allocated, all such amounts will be allocated among participants in the
				  ratio of each participant's total account balance on the valuation day that
				  immediately precedes this allocation to the total account balances of all
				  participants on such valuation day.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.1 - Anti-alienation

Current through Register Vol. 56, No. 14, July 15, 2024
To the extent allowed by law, any benefit or interest
				  available under a Plan, or any right to receive or instruct payments under a
				  Plan, or any distribution or payment made under the Program, or any Plan under
				  the Program, shall not be subject to assignment, alienation, garnishment,
				  attachment, transfer, anticipation, sale, mortgage, pledge, hypothecation,
				  commutation, execution, or levy, whether by the voluntary or involuntary act of
				  any interested person under a Plan, except (with respect to the ABP Retirement
				  Plan and/or ACTS) for an interest that becomes payable pursuant to a Qualified
				  Domestic Relations Order. However, the preceding sentence shall not be
				  construed to preclude the payment of any fees or expenses (including taxes)
				  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 17:7-11.2 - Levy or judgment

Current through Register Vol. 56, No. 14, July 15, 2024
Notwithstanding any other provision of the ABP Retirement
				  Plan, the Plan Administrator may pay to the Internal Revenue Service or Federal
				  agency from a participant's, beneficiary's, or alternate payee's account the
				  amount that the Plan Administrator finds is demanded under an Internal Revenue
				  Service levy or Federal restitution order with respect to that participant,
				  beneficiary, or alternate payee or is sought to be collected by the United
				  States under a judgment resulting from an unpaid tax assessment or restitution
				  order against 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 17:7-11.3 - Audit

Current through Register Vol. 56, No. 14, July 15, 2024
The Plan Administrator may engage a public accountant to
				  audit or review the financial statements and/or internal control procedures
				  with respect to the Program, and any fees paid or incurred for such audit or
				  review and related accounting and auditing services shall be an expense that
				  may be charged to the designated service provider according to their contract.
				  To the extent the audit is not paid by the DSP, the expense can be charged to
				  all participants' accounts in an equitable manner determined by the Plan
				  Administrator.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.4 - Expenses-ABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The expenses
				incurred by the Plan Administrator in connection with the operation of the ABP
				Retirement Plan, including, but not limited to, the expenses incurred by reason
				of the engagement of professional assistants and consultants, shall, unless
				payable by the employer, be expenses of the ABP Retirement Plan and shall be
				payable from the ABP Retirement Plan at the direction of the Plan
				Administrator.
(b) Upon the Plan
				Administrator's written instruction, the Plan Administrator, the DSP or other
				person providing administrative services to the ABP Retirement Plan may be
				reimbursed for any reasonable expenses approved by the Plan Administrator that
				are incurred in performing administrative services regarding the ABP Retirement
				Plan. Except as otherwise provided or permitted, the reimbursement shall, with
				respect to the ABP Retirement Plan, be effected by deducting a charge against
				all accounts according to an equitable method determined by the Plan
				Administrator.
(c) If the Internal
				Revenue Service determines, and the determination is not contested, or if
				contested, is finally upheld (or otherwise finally determined), or if a final
				court order (that is not appealed) decides that any payment of expenses with
				respect to the ABP Retirement Plan is a violation of IRC § 401(a)(2), the
				Plan Administrator may assess the employers on a reasonable basis and/or may
				maintain an expense account that may be funded by rebates/payments from a DSP.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.5 - Fiduciary responsibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any fiduciary
				will have only those specific powers, duties, responsibilities, and obligations
				specifically provided by the Program consistent with applicable law, or that
				are expressly required under a written agreement that is executed by or
				approved by the Plan Administrator if the written agreement is not inconsistent
				with the Program and applicable law.
(b) Each fiduciary warrants that any
				instruction or direction given, information furnished, or action taken by it
				will be according to the Program's provisions (or an instruction of the Plan
				Administrator).
(c) Each fiduciary
				will be responsible only for the proper exercise of his, her, or its own
				powers, duties, responsibilities, and obligations, and any fiduciary will not
				be liable for any act or omission (failure to act) of another fiduciary, except
				as provided in (d) below.
(d) A
				fiduciary will be liable for a breach of fiduciary responsibility of another
				fiduciary in the following circumstances:
1.
				If the fiduciary participates knowingly in, or knowingly undertakes to conceal,
				an act or omission of the other fiduciary, knowing such act or omission is a
				breach of the other fiduciary's responsibility;
2. If, by the fiduciary's failure to comply
				with his, her, or its duty in the administration of the fiduciary's specific
				responsibility that gives rise to the fiduciary's status as a fiduciary, the
				fiduciary has enabled the other fiduciary to commit a breach of the other
				fiduciary's responsibility; or
3.
				If the fiduciary has knowledge of a breach by the other fiduciary, unless the
				fiduciary makes reasonable efforts under the circumstances to remedy the
				breach.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.6 - Certifying officer

Current through Register Vol. 56, No. 14, July 15, 2024
The business manager or other official designated by the
				  participating employer shall be the certifying officer for the Alternate
				  Benefit Program and shall be responsible for all duties prescribed by statute
				  and by rules of the Division.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.7 - Governing law

Current through Register Vol. 56, No. 14, July 15, 2024
The Program, and actions under or relating to the Program or
				  any Plan under the Program, and the statute of limitations for such actions
				  shall be governed by and enforced by the laws of the State of New Jersey and
				  shall be construed, to the extent that any construction beyond this chapter is
				  necessary, according to the laws of the State of New Jersey or the Internal
				  Revenue Code or other Federal law, where applicable.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM › Section 17:7-11.8 - Internal Revenue Service approval-ABP Retirement Plan only

Current through Register Vol. 56, No. 14, July 15, 2024
If, under any application filed by or on behalf of the ABP
				  Retirement Plan, the Internal Revenue Service determines that the ABP
				  Retirement Plan as amended and restated does not qualify under IRC §
				  401(a), and the determination is not contested, or if contested, is finally
				  upheld (or otherwise finally determined), the Plan Administrator, without
				  further authorization or consent from the Plan Sponsor, may retroactively amend
				  the ABP Retirement Plan to the earliest date permitted by Treasury regulations
				  to the fullest extent that the Plan Administrator considers necessary to obtain
				  an Internal Revenue Service determination that the ABP Retirement Plan
				  qualifies under IRC § 401(a).