reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 21 - CLAIMS AND APPEAL PROCEDURES › Section 17:7-21.1 - Appeal from Division decisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An Alternate
				Benefit Program participant may appeal a preliminary administrative
				determination from the Division by submitting a written statement to the
				Director of the Division within 45 days after the date of written notice of the
				determination. The Director of the Division shall reply to an appeal within 45
				days with a written administrative determination.
(b) An Alternate Benefit Program Retirement
				Plan participant may appeal the initial administrative determination of the
				Director of the Division, in writing, within 45 days from the date of the
				Director's determination. If no such written statement is received within the
				45-day period, then the Director's initial administrative determination shall
				be considered a final administrative determination.
(c) The following statement shall be
				incorporated in every written notice setting forth the Division's determination
				in a matter where such determination is contrary to the claim made by the
				claimant or his or her legal representative:
"If you disagree with the determination of the Division of
				  Pensions and Benefits in this matter, you may appeal by sending a written
				  statement to the Division of Pensions and Benefits within 45 days from the date
				  of this letter, informing the Division of Pensions and Benefits of your
				  disagreement and all of the reasons therefor. If no such written statement is
				  received within the 45-day period, this determination shall be considered
				  final."
(d) The Division
				shall determine whether to grant an administrative hearing based upon the
				standards for a contested case hearing set forth in the Administrative
				Procedure Act,
52:14B-1
et
				seq., and the Uniform Administrative Procedure Rules,
N.J.A.C.
				1:1
.
1. Administrative hearings
				shall be conducted by the Office of Administrative Law pursuant to the
				provisions of
52:14B-1
et
				seq. and
N.J.A.C. 1:1
.
2. If the granted appeal involves solely a
				question of law, the Division may retain the matter and issue a final
				determination, which shall include detailed findings of fact and conclusions of
				law based upon the documents, submissions, and legal arguments of the parties.
				The Division's final determination may be appealed to the Superior Court,
				Appellate Division.
3. If the
				granted appeal involves questions of fact, the Division shall submit the matter
				to the Office of Administrative Law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 21 - CLAIMS AND APPEAL PROCEDURES › Section 17:7-21.2 - Claims procedure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) By the terms of
				the Program, the claimant (or other aggrieved person) shall not be entitled to
				take any legal action or otherwise seek to enforce a claim to benefits or
				rights under the Program until he or she has exhausted all claims and appeals
				procedures provided by the Program.
(b) In considering claims under the Program
				and/or any Plan thereunder, the Plan Administrator has full power and
				discretionary authority to construe and interpret the provisions of the Program
				or Plan.
(c) In accordance with
				this chapter, a claimant or aggrieved individual shall file a claim with the
				Director of the Division. The Director has full power and discretionary
				authority to construe and interpret the provisions of the ABP Retirement Plan
				and this chapter and to adjudicate claims thereunder. Decisions of the Director
				shall be rendered in accordance with
				17:1-1.3.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 21 - CLAIMS AND APPEAL PROCEDURES › Section 17:7-21.3 - Determinations to be uniformly made

Current through Register Vol. 56, No. 14, July 15, 2024
To the extent required by the enabling statute, any
				  determination or decision required or permitted to be made for the purposes of
				  the Program, or any Plan under the Program, by the Plan Administrator shall be
				  uniformly and consistently made according to reasonable procedures established
				  and maintained by the Plan administrator.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.1 - Beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The designation
				of a beneficiary by a participant or retirant shall be made in writing on the
				applicable form to the Division and filed with the Division. The participant or
				retirant may, from time to time and without the consent of his or her designee,
				change the beneficiary by filing a written notice of the change on the
				applicable form. The new designation will be effective on the date the
				applicable form, in proper form, is received by the Division, and any prior
				applicable form shall thereupon become void.
(b) If more than one beneficiary is
				designated and in such designation the participant or retirant has failed to
				specify their respective interests, the beneficiaries shall share
				equally.
(c) Any amounts due for
				which there is no beneficiary at the death of a participant or retirant, shall
				be payable to the estate of such participant or retirant.
(d) With respect to any death benefits
				payable on the basis of the individual retirement annuity contract or
				contracts, all settlement options will be made available to the participant,
				retirant, or beneficiary, as are allowed by the insurer or insurers.
(e) The provisions of this section shall be
				construed separately with respect to each of the death benefits for which a
				beneficiary is designated by the participant or retirant.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.2 - Construction of beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				beneficiary designation will be construed according to the following
				provisions:
1. Any statement in a beneficiary
				designation referring to a beneficiary's relationship to the participant is for
				convenience or information only, and has no effect in the construction or
				interpretation of the beneficiary designation.
2. A beneficiary designation will be
				construed to dispose of all of the remaining benefits under the Group Life
				Insurance Plan and will not be accepted otherwise. However, if a beneficiary
				designation specifies shares that total less than 100 percent of the benefit as
				the result of a beneficiary predeceasing the member, the Plan Administrator
				will adjust the shares pro rata, so that the shares equal 100
				percent.
3. Except as otherwise
				provided by the Group Life Insurance Plan, a beneficiary designation that uses
				a term or phrase that would have significance in construing or interpreting a
				conveyance or disposition of a decedent's estate will, except as otherwise
				specified by the participant, be construed or interpreted according to the
				Uniform Probate Code (without regard to the participant's domicile at the time
				he or she made the beneficiary designation or at the time of his or her death).
				Likewise, if a beneficiary designation remains ambiguous after applying all
				provisions and construction rules stated by the Group Life Insurance Plan, but
				would be resolved by applying the rules of construction and interpretation of
				the Uniform Probate Code for construing a beneficiary designation or
				conveyance, such rules will apply to the beneficiary designation, except as
				otherwise provided by the Group Life Insurance Plan. Notwithstanding anything
				in this subsection, the Plan Administrator will not give effect to any Uniform
				Probate Code provision concerning the effect of divorce or marital separation.
				Also, the Plan Administrator will not give effect to any Uniform Probate Code
				provision or any construction or interpretation principle that would require
				the Plan Administrator to consider information not in the Group Life Insurance
				Plan records.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.3 - Beneficiary must be alive when the distribution becomes payable

Current through Register Vol. 56, No. 14, July 15, 2024
Notwithstanding any beneficiary designation or any law to
				  the contrary, a person will not be a beneficiary unless he or she is living or
				  it exists when the distribution otherwise would become payable. Further, a
				  person that would receive a distribution as a trustee or other fiduciary will
				  not be a beneficiary unless the person that the trustee or fiduciary serves is
				  living or exists when the distribution would become payable. Any right of a
				  beneficiary is strictly personal to that beneficiary and lapses on his or her
				  death. Any undistributed benefit that would have been distributable to a person
				  had he or she lived is not distributable to that person's legatees or heirs. On
				  a beneficiary's death, any undistributed benefit attributable to that
				  beneficiary becomes distributable to the remaining primary beneficiaries or
				  beneficiary if any, or if none, to the remaining contingent beneficiaries or
				  beneficiary, in each case to be distributable in equal shares to all living
				  beneficiaries of the applicable primary or contingent beneficiary
				  class.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.4 - Marriage or status has no effect

Current through Register Vol. 56, No. 14, July 15, 2024
Notwithstanding any law to the contrary, a marriage, civil
				  union, domestic partnership, or a divorce, dissolution, annulment, revocation,
				  or other end of a marriage, civil union, or domestic partnership, or any other
				  creation, interruption, or end of a spouse or other family relationship has no
				  effect concerning whether a person is (or is not) a
				  beneficiary.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.5 - Lack of beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If a
				participant failed to designate a beneficiary (including a failure because the
				participant's beneficiary designation is invalid or ineffective) or no
				beneficiary designated by the participant is living or exists when the
				distribution otherwise would become payable, then the participant's estate is
				the beneficiary to the extent of the failure or invalid or ineffective
				designation. For the purposes of this subsection, the Plan Administrator may
				rely on an appropriate court order or the personal representative's written
				statement as to the identity (including name, address, and taxpayer identifying
				number under
IRC § 6109
) of and shares allocable to the
				persons entitled to such estate.
(b) Invalid designations include any document
				that contains:
1. Provisions that have been
				crossed out;
2. Provisions that
				have been whited out;
3. Provisions
				completed in pencil;
4. Provisions
				that list the same individual(s) as both the primary and contingent
				beneficiary;
5. Provisions that use
				nicknames; the beneficiary's legal name must be provided;
6. Provisions that use general terms, like
				"my children" or "my grandchildren"; the specific name of each individual
				beneficiary must be listed;
7. In
				cases where a participant provides a distribution using specific percentages,
				provisions that do not add up to 100 percent; and
8. In cases where the participant provides a
				distribution using specific fractions, provisions that do not add up to
				one.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.6 - A slayer cannot be a beneficiary

Current through Register Vol. 56, No. 14, July 15, 2024
A named beneficiary who feloniously and intentionally kills
				  the participant or another beneficiary is not a beneficiary and is not entitled
				  to any distribution or any other right under the Program or any Plan under the
				  ABP Program; and any benefit is paid as though the killer had predeceased the
				  participant or beneficiary.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.7 - Death of participant; notice

Current through Register Vol. 56, No. 14, July 15, 2024
Upon receiving notification of the death of a participant,
				  the Division shall process the necessary forms related to such death and notify
				  the insurer providing life insurance coverage.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.8 - Assignments; group life insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any participant insured under the
				Alternate Benefit Program group life insurance policy, pursuant to an
				arrangement among the insured, the group policyholder and the insurer, shall be
				entitled to make any person other than the employer a gift assignment of the
				rights and benefits conferred on the participant by any provision of such group
				life policy or by law, including specifically but not by way of limitation the
				right to exercise the conversion privilege and the right to name a
				beneficiary.
(b) Any such
				assignment, whether made before or after June 28, 1973, the effective date of
				this section, shall entitle the insurer to deal with the assignee as the owner
				of all rights and benefits conferred on the insured under the group life policy
				in accordance with the terms of the assignment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.9 - Death before payment to insurer

Current through Register Vol. 56, No. 14, July 15, 2024
If a participant dies before the employee deductions have
				  been paid to the investment provider, the deductions shall be paid in a single
				  sum by the employer to the investment provider.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.10 - Life insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any
				participant, who is reported on other than a 12-month contract year shall
				continue to be insured for the regular seasonal layoff provided a bona fide
				employee-employer relationship exists during this period as determined by the
				Division of Pensions and Benefits.
(b) The salary, in the month or biweekly pay
				period in which no salary was paid, shall be counted as zero.
(c) Death benefits shall be based upon the
				base salary upon which employer contributions were made to the Alternate
				Benefit Program during 12 months or 26 biweekly pay periods immediately
				preceding death.
(d) If a member
				dies within the first year following the date of enrollment, the insurance
				benefit shall be 3 1/2 times the salary on which Alternate Benefit Program
				employer contributions were based on the actual months or pay periods of
				csreditable service.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 22 - BENEFICIARY - GROUP LIFE INSURANCE PLAN ONLY › Section 17:7-22.11 - Life insurance coverage during leave for illness

Current through Register Vol. 56, No. 14, July 15, 2024
Life insurance coverage during a leave of absence due to
				  illness, as set forth in
				  18A:66-176, shall apply only to
				  the personal illness of the participant.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 23 - TRANSFERS › Section 17:7-23.1 - Interprogram transfers; transfer to the Alternate Benefit Program from another State retirement system by employees of the Commission of Higher Education or Higher Education Student Assistance Authority

Current through Register Vol. 56, No. 14, July 15, 2024
If an Alternate Benefit Program participant terminates
				  employment in a covered institution and becomes employed in an eligible
				  position in another New Jersey public institution, the Division of Pensions and
				  Benefits will, upon the filing of the required forms with the Division,
				  continue all of the participant's rights and obligations in the New Jersey
				  Alternate Benefit Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 23 - TRANSFERS › Section 17:7-23.2 - Transfers, interest

Current through Register Vol. 56, No. 14, July 15, 2024
Pursuant to the provisions of
				  18A:66-173, when payment of the
				  transferred member's reserves in the State-administered retirement system is
				  made more than 30 days after eligibility for the transfer, interest is added to
				  the reserves being transferred from the system to the carriers of the Alternate
				  Benefit Program. The 30-day period after eligibility for transfer shall not
				  begin to run until the Division of Pensions and Benefits has received all the
				  documents or other related information necessary to effectuate the transfer in
				  question. The rate of interest is the average rate of return, to the nearest
				  hundredth percent, of the State Cash Management Fund (State accounts) as
				  reported by the Division of Investment for the fiscal year ending June 30
				  preceding the period for which interest is payable. No interest is payable if
				  the amount of interest is less than $ 10.00.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.1 - Council meetings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The council shall meet, as necessary, at
				the call of the Chairperson or the Secretary.
(b) The Council consists of the State
				Treasurer, who shall be the chairman, the Commissioner of the Department of
				Banking and Insurance, and the State Budget Director. The Director of the
				Division of Pensions and Benefits shall be the secretary of the Council. Any
				two members of the Council shall constitute a quorum for the purpose of
				conducting the business of the Council.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.2 - Records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the provisions at
				N.J.A.C.
				17:1-1.2, the minutes of the Council meetings
				are public records and may be inspected during regular business hours at the
				office of the Division of Pensions and Benefits under supervision of the chief
				accountant or other representatives of the office.
(b) Records considered confidential include
				specific individual account or investment recommendations, mailing addresses,
				telephone numbers, or email addresses of active and retired participants and
				individual files relating to beneficiary designation where no official purpose
				or reason for inspection is indicated.
(c) The beneficiary designations of an active
				or retired participant are considered to be part of the participant's
				confidential files and shall only be released after the participant's
				death.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.3 - Appeals from Council decisions

Current through Register Vol. 56, No. 14, July 15, 2024
The following statement shall be incorporated in every
				  written notice setting forth the Council's determination in a matter where such
				  determination is contrary to the claim made by the claimant or his or her legal
				  representative:
If you disagree with the determination of the Council in this
				  matter, you may appeal by sending a written statement to the Council within 45
				  days from the date of this letter, informing the Council of your disagreement
				  and all of the reasons therefor. If no such written statement is received
				  within the 45-day period, this determination shall be considered
				  final.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.4 - Variable annuity; general description

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In a variable
				annuity the life income is a specific fixed number of variable equity units per
				month. The dollar value of the variable unit varies from time to time mainly by
				reason of gains and losses and dividend earnings on the Variable Division's
				investments. These gains and losses include those resulting from sales, from
				changes in market value and from mortality experience.
(b) Three accounts are maintained in order to
				account properly for the accumulation of the contributions received, the
				annuity payments to be made, and the gains and losses and earnings of the
				investment portfolio.
1. During the years
				prior to retirement, contributions are converted into equity units and
				accumulated in the Variable Accumulation Accounts.
2. At retirement when annuity payments for a
				participant are to begin, the number of equity units credited to a
				participant's accumulation account is transferred to the Variable Benefit
				Account.
3. An income distribution
				summary is maintained to record the changes in the value of the assets in the
				Variable Division.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.5 - Variable Accumulation Account

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All
				contributions received from participants shall be credited to the Variable
				Accumulation Account and shall be converted into a number of equity
				units.
(b) An individual
				accumulation account will be maintained for each participant.
(c) Participant's contributions shall be
				converted into equity units quarterly on the basis of the value per equity unit
				at the end of the quarter during which the contributions are made.
(d) For eligible transfers from authorized
				tax-deferred annuity providers, the amount transferred shall be converted into
				equity units monthly on the basis of the value per equity unit at the end of
				the month during which the transfer is received by the Division of Pensions and
				Benefits.
(e) The total number of
				equity units credited to a participant's accumulation account will be increased
				by one third of one percent per month.
(f) In the event of termination of an
				accumulation account due to retirement prior to the end of a quarter,
				contributions since the first of the quarter shall be converted into equity
				units on the basis of the value per equity unit as of the end of the month of
				termination.
(g) Upon termination
				for death or withdrawal, the value of a participant's accumulation account
				shall be the sum of the equity units credited to his account as of the first
				day of the current quarter, increased by one third of one percent per month to
				the end of the month of termination, multiplied by the value per equity unit as
				of the end of the month of termination plus the participant's contributions
				during the current quarter.
(h) For
				eligible transfers to authorized tax-deferred annuity providers, the amount
				designated by the participant for transfer shall not exceed the value of a
				participant's accumulation account calculated by taking the sum of the equity
				units credited to an account as of the first day of the current quarter,
				increased by one-third of one percent per month to the end of the month of
				transfer, multiplied by the value per equity unit as of the end of the month of
				transfer.
(i) The total number of
				equity units in force in the Variable Accumulation Account at the end of each
				month shall be determined as follows:
1. The
				number of equity units in force at the start of the month; plus
2. The number of equity units credited as of
				the first of the month for participant's contributions received during the
				preceding quarter, if any; less
3.
				The number of equity units paid out in the current month on account of
				terminations for death or withdrawals during the preceding month;
				less
4. The number of equity units
				transferred to the Variable Benefit Account as of the first of the month for
				retirements during the preceding month; plus
5. One third of one percent of the balance so
				obtained.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.6 - Variable Benefit Account

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the
				retirement of a participant, the number of equity units credited to a
				participant in his accumulation account as of the date of retirement shall be
				transferred to the Variable Benefit Account.
(b) The number of equity units to be
				transferred into the Variable Benefit Account shall be the sum of the equity
				units credited to his account as of the first day of the current quarter
				increased by one third of one percent per month for each month since the end of
				the prior quarter to the end of the month of retirement plus the additional
				equity units credited for contributions, if any, during the current
				quarter.
(c) In the event a
				participant elects a lump sum payment at retirement, the amount payable shall
				be the product of the number of equity units in his Variable Accumulation
				Account multiplied by the value per equity unit as of the end of the month of
				retirement.
(d) Annuities shall be
				payable to a participant from the Variable Benefit Account and will be
				expressed in terms of a number of equity units.
(e) The number of units payable monthly to a
				participant or his beneficiary shall be determined by dividing the number of
				equity units transferred to the Variable Benefit Account at retirement by the
				present value of one equity unit payable monthly for life on the basis of the
				interest and mortality tables then in effect, modified as appropriate for
				optional selections.
(f) The dollar
				amount of a retired participant's monthly annuity payment shall be the number
				of units payable to him monthly, multiplied by the value of each unit as of the
				end of the quarter preceding the month during which the current annuity payment
				is made.
1. This monthly dollar amount would
				vary from quarter to quarter, or otherwise at the discretion of the council,
				with changes in the value of the equity unit.
2. However, the number of units payable
				monthly to a participant or his beneficiary shall, except for modification
				under an option, remain constant.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.7 - Income Distribution Summary

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Income
				Distribution Summary shall be the account to which the investment income and
				gains or losses of the Variable Division shall be credited or charged. Such
				gains or losses shall reflect appreciation and depreciation in the market value
				of investments.
(b) The net gain or
				loss not previously allocated to accounts terminated during the current quarter
				shall be distributed to the Variable Accumulation Account and the Variable
				Benefit Account on the basis of the equity units in force in each account at
				the end of each quarter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.8 - Computation of dollar values of equity units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the end of
				each month, which shall be the monthly unit valuation date, the value of the
				equity unit as of the end of such month shall be determined by dividing the
				excess of (b) over (c) by (d) below.
(b) Market value in dollars of the assets in
				the Variable Division at the end of the current month.
(c) The total contribution income received
				for the current quarter reduced by:
1. The
				contributions for the current quarter applicable to terminations during the
				current quarter; and
2. The
				contributions for the current quarter applicable to retirements during the
				current quarter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:8-1.9 - Payment of pension loan balance upon retirement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the
				retirement of a participant with a pension loan outstanding from the Teachers'
				Pension and Annuity Fund (TPAF) or the Public Employees' Retirement System
				(PERS), the participant may elect to use funds in his or her variable
				accumulation account to satisfy all or any portion of the pension
				loan.
(b) An election to use funds
				from a variable accumulation account to satisfy a pension loan balance must be
				filed with the Council within a 60-day period ending 30 days prior to the
				effective date of retirement by filing the SACT Loan Payoff form (Application
				to Transfer SACT Monies).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.1 - Enrollment; exceptions

Current through Register Vol. 56, No. 14, July 15, 2024
Enrollment is to be effective only at the beginning of a
				  calendar quarter except 10-month employees of boards of education may enroll as
				  of September 1. In each case, an employee must be enrolled in a
				  State-administered retirement system prior to enrolling in the Supplemental
				  Annuity Collective Trust.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.2 - Enrollment applications

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each employee
				participating in the regular and tax-sheltered programs shall file a SACT
				Enrollment Request, which shall be completed and certified by the employer. To
				enroll in the SACT Tax-Sheltered Plan, the eligible employee must also complete
				a Salary Reduction Agreement.
(b)
				To be eligible to participate in the regular and tax-sheltered programs, the
				eligible employee must be an actively contributing member of the Public
				Employees' Retirement System, Teachers' Pension and Annuity Fund, Police and
				Firemen's Retirement System, State Police Retirement System, or Judicial
				Retirement System. Only members of the PERS or TPAF who are employed by public
				educational institutions are eligible to participate in the SACT tax-sheltered
				plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.3 - Salary reduction; exceptions

Current through Register Vol. 56, No. 14, July 15, 2024
As a condition of enrollment in the tax-sheltered annuity
				  plan, a Salary Reduction Agreement shall be entered into by the eligible
				  employee and the employer. Such agreements shall commence only at the beginning
				  of a calendar quarter, except 10-month employees of boards of education may
				  enroll as of September 1. In each case, an employee must be enrolled in a
				  State-administered retirement system prior to enrolling in the Supplemental
				  Annuity Collective Trust.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.4 - Contributions; limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Participants
				may contribute a percentage of base salary through payroll deductions on
				certification from the Division of Pensions and Benefits; no fractional
				percentages are permitted and contributions plus required deductions may not
				exceed base salary. No participant may contribute an amount in excess of the
				maximum contribution amount permitted by
				26 U.S.C. §
										403(b) in any calendar
				year.
(b) Contributions shall be in
				even dollar amounts rounded to the nearest dollar ($ 0.50 and over rounded to
				the next higher dollar).
(c) In the
				event a participant is eligible to participate in both the regular supplemental
				annuity plan and the tax-sheltered annuity plan, the combined contributions
				plus required deductions may not exceed the participant's base salary. No
				participant may contribute an amount in excess of the maximum contribution
				amount permitted by
				26 U.S.C. §
										403(b) in any calendar
				year.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.5 - Salary reductions; limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The rate of
				salary reduction shall be stated as a percentage of base salary; no fractional
				percentages are permitted. No participant may contribute an amount in excess of
				the maximum contribution amount permitted by
				26 U.S.C. §
										403(b) in any calendar
				year.
(b) Contributions shall be in
				even dollar amounts rounded to the nearest dollar ($ 0.50 and over rounded to
				the next higher dollar).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.6 - Contribution change; regular SACT and the tax-sheltered annuity plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A participant may change or discontinue
				his or her percentage rate of contribution by filing a SACT Change Request Form
				with the Division of Pensions and Benefits at least 30 days prior to the
				calendar quarter.
(b) The change
				shall be effective only at the beginning of a calendar quarter and upon
				certification from the Division of Pensions and Benefits.
(c) If payroll deductions to the SACT program
				have been suspended by the participant, such payroll deductions may be resumed
				by filing a SACT Change Request Form giving at least 30 days' notice to the
				Division of Pensions and Benefits. The resumption of such payroll deductions
				shall not occur within three months of the date on which the payroll deductions
				were suspended.
(d) A participant
				changing his or her contribution to the tax-sheltered annuity plan shall file a
				SACT Change Request Form and a new Salary Reduction Agreement.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.8 - Lump-sum contribution; limitation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Participants
				who are contributing through payroll deductions to the regular supplemental
				annuity collective plan, not the tax-sheltered annuity plan, may make lump sum
				contributions in the third month of any calendar quarter in whole dollar
				amounts of $ 50.00 or more. No participant may contribute in excess of the
				maximum contribution amount permitted by
				26 U.S.C. §
										403(b) by lump sum and
				payroll deductions combined in any calendar year.
(b) Participants who are not contributing
				through payroll deductions may not make lump sum payments.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.12 - Redeposit and reinstatement

Current through Register Vol. 56, No. 14, July 15, 2024
If a participant's withdrawal or retirement from the
				  Supplemental Annuity Collective Trust has been processed and a check has been
				  issued to him or her covering the value of his or her account in the
				  Supplemental Annuity Collective Trust and he or she subsequently cancels his or
				  her withdrawal or retirement application from the defined benefit retirement
				  system in which the member participates, his or her supplemental annuity
				  account may be reinstated by the redeposit of the funds withdrawn within 15
				  days after such cancellation. In this event, the amount redeposited shall be
				  converted into equity units on the basis of the value of an equity unit as of
				  the end of the month of redeposit. If a timely redeposit is not made, the
				  employee may reenroll as a new participant at the beginning of any calendar
				  quarter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.13 - Beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the defined
				benefit retirement system in which the member participates provides for return
				of accumulated deductions upon the death of the member, the primary and
				contingent beneficiaries of active participants shall be the same for the
				trust, unless a separate designation of beneficiary form is filed with the
				trust. The original nomination of beneficiaries on file with the Supplemental
				Annuity Collective Trust will remain effective unless a subsequent designation
				of beneficiary form is filed with the Supplemental Annuity Collective
				Trust.
(b) In those retirement
				systems which do not provide for the return of accumulated deductions upon the
				death of a member, the participant may designate a primary and contingent
				beneficiary in the Supplemental Annuity Collective Trust on prescribed forms,
				or in the absence of such designation, his or her estate shall be so
				designated.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.14 - Full monthly payments

Current through Register Vol. 56, No. 14, July 15, 2024
No annuity shall be due to a retirant or beneficiary unless
				  it constitutes a payment for an entire month. Payments of benefits to eligible
				  survivors shall become effective on the first of the month of the retirant's
				  death and shall terminate as of the month in which the survivor no longer
				  qualifies for such benefits.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.15 - Approved annuity

Current through Register Vol. 56, No. 14, July 15, 2024
A participant shall have the right to withdraw, cancel, or
				  change the SACT Application for Settlement at Retirement Form at any time
				  before his or her annuity becomes due and is paid; thereafter, the annuity
				  shall stand as approved.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 2 - ENROLLMENT, CONTRIBUTIONS AND TRANSFERS › Section 17:8-2.16 - Transfers from alternate investment providers

Current through Register Vol. 56, No. 14, July 15, 2024
Employees of the Department of Education, the Commission on
				  Higher Education or the governing body of any public institution of higher
				  education may transfer all or a portion of their funds from a tax-deferred
				  annuity with an insurer or mutual fund company authorized to provide investment
				  contracts under the provisions of
				  52:18A-113.2 et seq. to the
				  tax-sheltered plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 3 - RETIREMENT, TERMINATION AND TRANSFERS › Section 17:8-3.1 - Retirement options

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At retirement a participant shall be paid
				a variable life annuity unless he or she files a SACT Application for
				Settlement at Retirement Form with the Division of Pensions and Benefits prior
				to retirement requesting:
1. A lump-sum
				settlement; or
2. The actuarial
				equivalent as a lesser annuity for life with the provision that:
i. In the event of the death of the retirant
				prior to the expiration of five years from the effective date of the annuity,
				the annuity will be continued to his designated beneficiary for the remainder
				of the five-year period.
ii. In the
				event of the death of the retirant prior to the expiration of 10 years from the
				effective date of the annuity, the annuity will be continued to his designated
				beneficiary for the remainder of the 10-year period.
iii. Upon his or her death, the same variable
				annuity shall be continued throughout the life of and paid to a natural person
				as he or she shall nominate by written designation duly acknowledged and filed
				with the Trust at the time of his or her retirement.
iv. Upon his death, one half of his variable
				annuity shall be continued throughout the life of and paid to such person as he
				shall nominate by written designation duly acknowledged and filed with the
				council at the time of his retirement.
3. An estate may not be designated as
				beneficiary under either the five year or 10-year certain and life thereafter
				options. However, if an estate should become the beneficiary under either of
				these options, the present value of the number of units payable for the
				remaining period would be determined according to factors established by the
				trust and a lump sum settlement would be made at the unit value as of the end
				of the month of death.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 3 - RETIREMENT, TERMINATION AND TRANSFERS › Section 17:8-3.2 - Retirement; beneficiary designations

Current through Register Vol. 56, No. 14, July 15, 2024
On retirement, participants shall designate a primary and
				  contingent beneficiary provided the retirement option requires such
				  designation. This designation shall include: each beneficiary's full name,
				  Social Security number, tax identification number (for estates or trusts),
				  address, and date of birth. Once a beneficiary has been elected, the
				  participant cannot change the beneficiary regardless of the circumstances. If
				  the designated beneficiaries predecease the participant, annuity payments will
				  only continue during the participant's life with no alternate survivor
				  payout.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 3 - RETIREMENT, TERMINATION AND TRANSFERS › Section 17:8-3.3 - Withdrawal or retirement; effective date and form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Withdrawal
				or retirement from the Supplemental Annuity Collective Trust is contingent upon
				the participant's completion of the appropriate forms required by the defined
				benefit retirement system in which the member participates. If a participant
				withdraws from the pension system, the participant must also withdraw his or
				her SACT account as a lump-sum settlement by completing a SACT Application for
				Withdrawal. In addition, if a retirement option is selected, the SACT
				Application for Settlement at Retirement Form shall be completed. If option
				two, lump sum settlement is selected, the SACT Distribution Form must also be
				filed prior to retirement.
(b) The
				retirement value of the participant's account shall be determined as of the
				close of the month in which the retirement becomes effective.
(c) The withdrawal value of the participant's
				account shall be determined as of the close of the month in which the
				participant ceases to be a member of a State-administered retirement
				system.
(d) In the event that an
				eligible participant elects a lump sum payment of his or her account and the
				determination of the unit value is delayed past the normal valuation date, the
				participant may request, in writing, that an amount up to 90 percent of his or
				her computed equity may be paid initially and the balance paid, once the unit
				value has been established. Partial payment is contingent upon the receipt of
				the necessary Supplemental Annuity Collective Trust settlement forms and all
				information necessary for retirement from the State-administered retirement
				system.
(e) In the event of
				deferred retirement in the basic retirement system, no distribution can be made
				until the retirement becomes effective or the member withdraws his or her
				account before such retirement date. If the member returns to covered service,
				his or her account in the Trust will be reestablished on an active basis.
				During deferred retirement, his or her account shall continue to participate in
				earnings or losses.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 3 - RETIREMENT, TERMINATION AND TRANSFERS › Section 17:8-3.4 - Death; transfer to suspense

Current through Register Vol. 56, No. 14, July 15, 2024
(a) On the death of
				a participant the value of his account shall be determined as of the close of
				the month of death.
(b) If the
				designated beneficiary does not promptly apply for benefits the account shall
				be placed in suspense and shall cease participating in earnings or losses.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 8 - SUPPLEMENTAL ANNUITY COLLECTIVE TRUST PROGRAM › Subchapter 3 - RETIREMENT, TERMINATION AND TRANSFERS › Section 17:8-3.5 - Withdrawal; exceptions

Current through Register Vol. 56, No. 14, July 15, 2024
A participant may withdraw from the trust only if the value
				  of his or her account is $ 100.00 or less; otherwise he or she may not withdraw
				  unless his or her membership in the basic retirement system in which the member
				  participates has been terminated.