New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:7-1.2 - Program consists of five plans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Alternate
				Benefit Program consists of five benefit plans: the ABP Retirement Plan; the
				New Jersey Additional Contributions Tax-Sheltered Program (ACTS); the Group
				Life Insurance Plan (the "Group Life Insurance Plan"); the Group Long-Term
				Disability Benefit Plan (the "Group Long-Term Disability Plan"); and the ABP
				Pre-1995 Annuity Contracts Plan (Closed Plan). Assets held under the Program
				for the ABP Retirement Plan shall not be available for the payment of premiums,
				benefits, or administrative expenses with respect to the Group Life Insurance
				Plan, the Group Long-Term Disability Plan, and/or the New Jersey Additional
				Contributions Tax-Sheltered Program. Assets held under the Program for the New
				Jersey Additional Contributions Tax- Sheltered Program shall not be available
				for the payment of premiums, benefits, or administrative expenses with respect
				to the Group Life Insurance Plan, the Group Long-Term Disability Plan, and/or
				the Retirement Plan.
1. ABP Retirement Plan.
				The ABP Retirement Plan is a plan of retirement benefits for the benefit of
				eligible employees and their beneficiaries. The ABP Retirement Plan is intended
				to be a tax-qualified defined contribution pension plan under IRC § 401(a)
				et seq. The Plan Administrator intends to maintain the ABP Retirement Plan as a
				profit-sharing plan that qualifies for favorable income tax treatment under IRC
				§ 401(a)(27). The ABP Retirement Plan is an individual account plan, which
				provides for an individual account for each participant and for benefits based
				solely upon the amount of contributions, investment gains and losses, fees, and
				expenses allocated to the participant's account. Assets with respect to the ABP
				Retirement Plan shall be used solely for the purpose of providing benefits
				under the ABP Retirement Plan and for paying the administrative expenses of the
				ABP Retirement Plan.
2. New Jersey
				Additional Contributions Tax-Sheltered Program (ACTS). ACTS is a plan for which
				the applicable governing body of a public institution of education can reduce
				an employee's base salary pursuant to the agreement and shall pay an amount
				equal to the amount agreed upon for the salary reduction as an employer
				contribution to the issuer of the employee's annuity. The ACTS may also include
				employer contributions in addition to salary reduction contributions. The ACTS
				is an IRC § 403(b) plan. Assets with respect to the ACTS shall be used
				solely for the purpose of providing benefits under the ACTS and for paying the
				administrative expenses of the ACTS.
3. Group Life Insurance Plan. The Group Life
				Insurance Plan is a plan for the provision of group life insurance benefits for
				eligible employees.
4. Group
				Long-Term Disability Benefit Plan. The Group Long-Term Disability Benefit Plan
				is a plan for the provision of group long-term disability insurance benefits
				for eligible employees.
5. Closed
				Plan. The Closed Plan is a grandfathered IRC § 403(b) plan providing
				individual annuity contracts for all public institutions of higher education in
				the State.