reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.1 - Enrollment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employer and employee contributions with
				respect to the Retirement Plan shall be made with respect to eligible employees
				on and after the Retirement Plan implementation date who have enrolled as
				participants in the Retirement Plan.
1. An
				eligible employee shall be enrolled as a participant in the Retirement Plan,
				with respect to employee mandatory contributions, as of his or her date of hire
				as an eligible employee (except as otherwise provided by
				N.J.A.C.
				17:6-4.3). Pursuant to such required
				enrollment, each eligible employee shall make employee mandatory contributions
				(within the parameters permitted by N.J.S.A. 43:15C-3.a, as well as catch-up
				employee mandatory contributions as described in
				N.J.A.C.
				17:6-5.2).
2. Each eligible employee shall be afforded
				the opportunity, coincident with or as soon as practicable following his or her
				date of hire as an eligible employee (or, if later, the Retirement Plan
				implementation date) to file a participation agreement on an applicable form
				with the Plan Administrator. By filing the participation agreement, the
				eligible employee may designate the investment option or options in which
				employee contributions and employer contributions shall be initially invested
				following the filing of the participation agreement. (If no such election of
				investment option or options is made (or if such election does not provide
				investment directions with respect to 100 percent of the participant's
				account), the Plan Administrator shall direct the investment of the
				participant's account in one or more default investment options as the Plan
				Administrator may designate from time to time, with the approval of the
				Division of Investment).
i. A participant may
				elect, to the extent permitted by State law and as provided in the
				participation agreement (or on a separate participation agreement), to make (in
				addition to his or her employee mandatory contributions) additional employee
				voluntary contributions in such amount and in accordance with such rules as
				shall be established by the Plan Administrator provided such election is filed
				no later than 60 days following the later of the participant's date of hire as
				an eligible employee or the voluntary contribution implementation date. Such
				election to make employee voluntary contributions shall authorize the employer
				to reduce such participant's base salary by a percentage amount each payroll
				period (after the filing of the participation agreement with respect to the
				employee voluntary contributions) for contribution to the Retirement Plan as an
				employee voluntary contribution.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.2 - Employee contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For each
				participant enrolled in the Retirement Plan and making employee contributions,
				the employer shall, subject to
				17:6-5.7, make employee mandatory
				contributions, including catch-up employee mandatory contributions (if
				applicable) and, if the participant so elects pursuant to his or her timely
				filing of a participation agreement, employee voluntary contributions, in the
				percentage amount applicable to the participant multiplied by the participant's
				base salary for each payroll period beginning on and after the effective date
				of the participant's enrollment, provided the participant remains an eligible
				employee. For participants described in
				17:6-4.1(a)5,
				employee contributions shall be made only with respect to that portion of base
				salary, if any, which is in excess of the annual maximum wage contribution base
				for Social Security benefits, pursuant to the Federal Insurance Contributions
				Act, 26 U.S.C. §§
										3101 et seq.
1. The enrollment of the participant in the
				Retirement Plan with respect to employee mandatory contributions shall, subject
				to 17:6-4.3, be effective as of the
				later of the effective date or the date on which the individual becomes an
				eligible employee. Because the Retirement Plan implementation date is later
				than the effective date, there shall be deducted, to the extent practicable,
				from the participant's base salary an additional amount equal to the catch-up
				employee mandatory contribution. The catch-up employee mandatory contribution
				is equal to the total employee mandatory contributions that are contributable
				for the period between the effective date (or the participant's date of hire as
				an eligible employee, if later) and the first payroll period following the
				Retirement Plan implementation date as of which the participant's employee
				mandatory contribution is in fact deducted from his or her base salary for
				contribution to the Retirement Plan.
i. The
				Plan Administrator shall establish rules, which shall be uniformly applied with
				respect to participants the Plan Administrator determines are similarly
				situated, regarding the number of payroll periods over which the participant's
				base salary shall be additionally reduced in order to make the catch-up
				employee mandatory contribution. The Plan Administrator shall, for purposes of
				measuring the employer contribution with respect to such catch-up mandatory
				employee contribution, designate the past period or periods to which the
				catch-up employee mandatory contribution relates.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.3 - Employer contributions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For each
				participant enrolled in the Retirement Plan and making employee mandatory
				contributions, the employer shall, subject to
				17:6-5.7, make employer
				contributions in the percentage amount provided by
				43:15C-3(b) 
				multiplied by the participant's base salary for each payroll period beginning
				on or after the effective date of the participant's enrollment, provided the
				participant remains an eligible employee. For participants described in
				17:6-4.1(a)5,
				employer contributions shall be made only with respect to that portion of base
				salary, if any, which is in excess of the annual maximum wage contribution base
				for Social Security benefits, pursuant to the Federal Insurance Contributions
				Act, 26 U.S.C. §§
										3101 et seq.
1. Employer contributions with respect to
				catch-up employee mandatory contributions. The employer shall make an
				additional employer contribution with respect to each payroll period for which
				a catch-up employee mandatory contribution is made, in the percentage amount
				provided by
				43:15C-3(b) 
				multiplied by the participant's base salary for the period to which the
				catch-up employee mandatory contribution relates.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.4 - Employee contribution pick-up

Current through Register Vol. 56, No. 14, July 15, 2024
Each employer shall pick up employee contributions with
				  respect to all base salary paid after the effective date with respect to
				  enrolled participants. The employee contributions so picked up shall be treated
				  as employer contributions pursuant to IRC § 414(h)(2). The employer shall
				  pay the picked-up contributions directly to the Plan Administrator, instead of
				  paying such amounts to the participants, and such contributions shall be paid
				  from the same funds that are used in paying salaries to participants. Such
				  contributions, although designated as employee contributions, shall be paid by
				  the employer in lieu of contributions by participants. Participants may not
				  elect to receive such contributions directly instead of having them paid by the
				  employer to the Retirement Plan. Employee contributions so picked up shall be
				  treated for all purposes of the Retirement Plan and State law, other than
				  Federal tax law, in the same manner as employer contributions made without a
				  pick-up.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.5 - Contributions transmitted to DSP

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employer and
				employee contribution amounts for each pay period shall be transmitted to the
				DSP for crediting to the participant's account not later than the fifth
				business day after the date on which the participant is paid for that pay
				period.
1. Delinquent contributions. The Plan
				Administrator may adopt rules and procedures to address delinquent
				contributions.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.6 - Allocation of contributions to participant's account

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; see
				17:6-2.1 ) 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 or options designated by the Plan
				Administrator, with the approval of the Division of Investment, 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 DSPs:
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 mandatory account to which
				employee mandatory contributions (and associated investment earnings and
				administrative expenses, if any) shall be credited or debited, as
				applicable;
3. An employee
				voluntary account to which employee voluntary contributions (and associated
				investment earnings and administrative expenses, if any) shall be credited or
				debited, as applicable; and
4. 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.7 - Contributions limited by IRC 401(a)(17)

Current through Register Vol. 56, No. 14, July 15, 2024
In addition to other applicable limits stated by the
				  Retirement Plan and notwithstanding any other provision of this chapter to the
				  contrary, the amount of base salary or compensation determined for the purposes
				  of the contributions to the Retirement Plan for any calendar 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).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE RETIREMENT PLAN › Section 17:6-5.8 - Plan to satisfy limit on annual additions

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. $ 45,000, as adjusted ($ 50,000 in
				calendar year 2012, $ 49,000 in calendar years 2009 through 2011, and $ 46,000
				in calendar year 2008); 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.1 - Duty of investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
Each participant and, when applicable, each beneficiary or
				  alternate payee, shall, subject to the requirements of applicable investment
				  law and any procedures established by the DSP, with the approval of the Plan
				  Administrator, direct the investment of his or her account(s) under the
				  Retirement Plan. Accounts may only be invested in those investment options
				  offered by the DSP and approved by the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.2 - Procedure for giving investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
The participant, beneficiary, or alternate payee must give
				  investment direction according to the provisions of the Retirement Plan,
				  including any procedure required by the DSP with the approval of the Plan
				  Administrator. Each investment direction shall be on the applicable form and
				  shall not be proper unless it is signed by the participant, beneficiary, or
				  alternate payee. Only the DSP has authority to accept an investment direction
				  and any direction is effective only when received.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.3 - Limits on frequency of investment directions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator, or the DSP with the consent of the Plan Administrator, may, but
				only on a uniform and consistent basis, impose reasonable restrictions on the
				frequency with which a participant, beneficiary, or alternate payee may give
				investment directions. In addition to such restrictions, a participant,
				beneficiary, or alternate payee may not give more than one investment direction
				in any valuation day; therefore, the latest investment direction in a valuation
				day cancels all earlier inconsistent investment directions in that valuation
				day.
(b) Redemption fees may be
				imposed by an investment option and will be charged to the participant's
				account in accordance with the investment option's written policy.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.4 - Who directs investment

Current through Register Vol. 56, No. 14, July 15, 2024
(a) During the
				participant's life, the participant shall direct the investment of his or her
				account. After the participant's death, the beneficiary shall direct the
				investment of that beneficiary's separate account. If following a QDRO, the
				Plan Administrator maintains a separate account for the alternate payee, the
				alternate payee will direct investments of that separate account. During the
				participant's, beneficiary's, or alternate payee's disability or incompetence,
				investments shall be directed by the person that is the court appointed and
				currently serving conservator or guardian of the estate of the participant, or
				if there is no conservator or guardian, the person who has authority to act for
				the participant under a power-of-attorney accepted by the Plan
				Administrator.
(b) A participant,
				beneficiary, or alternate payee may authorize an agent or attorney-in-fact to
				direct investment for all of his or her account by giving written notice
				acceptable to the Plan Administrator and furnishing a power-of-attorney that is
				accepted by the Plan Administrator.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.5 - Duty to accept investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The DSP must
				accept every proper investment direction with respect to an investment option
				approved by the Board, and the DSP is obligated to comply with such proper
				investment direction.
(b) As of
				each valuation date with respect to an investment option, the DSP shall credit
				or debit to each participant's account the investment gain or loss with respect
				to such account's allocable share of the investment option since the previous
				valuation date.
(c) The Plan
				Administrator and the DSP may not charge the participant's, beneficiary's, or
				alternate payee's account for the expenses of executing his or her investment
				direction except as provided by
				17:6-6.3. If such expenses are so
				charged, the Plan Administrator or the DSP shall inform the participant,
				beneficiary, or alternate payee of the charges. Any expenses charged by a DSP
				must be approved by the Plan Administrator.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.6 - Plan Administrator not responsible

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If any person,
				including a DSP, provides any investment education or investment information or
				investment advice of any kind, the Plan Administrator shall not be liable for
				any loss or liability arising out of such investment education or investment
				information or investment advice.
(b) To the extent of the participant's,
				beneficiary's, or alternate payee's investment direction, the Plan
				Administrator is relieved of any fiduciary responsibility and every kind of
				liability, and is not responsible for any damage or loss or expense or other
				claim which may arise from any participant's, beneficiary's, or alternate
				payee's investment direction or failure to exercise his or her duty of
				investment direction.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 6 - INVESTMENTS AND INVESTMENT DIRECTION › Section 17:6-6.7 - Failure to give investment direction

Current through Register Vol. 56, No. 14, July 15, 2024
If at any time a participant, beneficiary, or alternate
				  payee fails to exercise his or her duty of investment direction, or an
				  investment direction is refused, the Plan Administrator shall, to the extent of
				  the failure of proper investment direction, cause the account to be invested
				  according to the default investment option or options designated from time to
				  time by the Plan Administrator, with the approval of the Division of
				  Investment. The Plan Administrator shall direct the Trustee or other DSP with
				  respect to the investment of accounts in a default investment option or
				  options.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 7 - VESTING AND FORFEITURE › Section 17:6-7.1 - Vesting schedules

Current through Register Vol. 56, No. 14, July 15, 2024
(a) 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.
(b)
				Under 43:15C-3(c), a
				participant's interest in that portion of his or her account attributable to
				employer contributions shall become and shall remain fully vested and
				nonforfeitable 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
				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.
(c) Notwithstanding the
				vesting schedule described in (b) above, a participant's interest in that
				portion of his or her account attributable to employer contributions shall be
				vested and nonforfeitable upon his or her attainment, while employed by an
				employer, of age 65.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 7 - VESTING AND FORFEITURE › Section 17:6-7.2 - Forfeitures

Current through Register Vol. 56, No. 14, July 15, 2024
Forfeitures of non-vested and other amounts under the
				  Retirement Plan shall be used to reduce future employer contributions to the
				  Retirement Plan under
				  43:15C-3(b).
				  Forfeitures shall not be reallocated among the accounts of participants.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 7 - VESTING AND FORFEITURE › Section 17:6-7.3 - 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 this 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 of Pensions and
				Benefits 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 Department of Personnel 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 of Pensions and Benefits 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 of Pensions and
				Benefits after the member's date of retirement, the Director of the Division of
				Pensions and Benefits 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 7 - VESTING AND FORFEITURE › Section 17:6-7.4 - Vesting rules

Current through Register Vol. 56, No. 14, July 15, 2024
The 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 8 - BENEFICIARY › Section 17:6-8.1 - Beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At any time
				before his or her death, a participant may designate a beneficiary or
				beneficiaries, subject to the terms of the Retirement Plan and such rules as
				may be established by the Plan Administrator. The participant will have the
				right to change his or her beneficiary designation at any time, subject to the
				terms of the Retirement Plan and such rules as may be established by the Plan
				Administrator. After the participant's death, no person will have any right or
				power to designate a beneficiary or change any beneficiary (except a
				beneficiary's disclaimer of his, her, or its benefit as permitted by
				17:6-14.1 0). Any attempt to state
				such a provision in a beneficiary designation or otherwise is void.
(b) A beneficiary designation must be on the
				applicable form. A beneficiary designation is not effective until the Plan
				Administrator (or its designee for this purpose) accepts it. Each beneficiary
				designation completely revokes and cancels any and every previous beneficiary
				designation.
1. A participant must designate
				each beneficiary by name. A participant cannot designate a beneficiary by
				relationship or by class, and any such attempted beneficiary designation is
				void. Notwithstanding the preceding sentence, if the Plan Administrator finds
				that a beneficiary designation sufficiently describes a trust, the Plan
				Administrator may construe the beneficiary designation as naming the duly
				appointed and currently acting trustee of that trust. Likewise, if the Plan
				Administrator finds that a beneficiary designation sufficiently describes an
				estate, the Plan Administrator may construe the beneficiary designation as
				naming the duly appointed and currently acting personal representative of that
				estate.
i. Any statement in a beneficiary
				designation attempting to state or create a condition or restriction on the
				beneficiary's receipt or enjoyment of any benefit is invalid and the
				beneficiary is entitled to the benefit without regard to any attempted
				condition or restriction.
ii.
				Notwithstanding anything to the contrary in any beneficiary designation in the
				participation agreement or any other document or otherwise (including any court
				order), any designation of a beneficiary cannot be irrevocable and any such
				designation will be construed as a revocable designation of that
				beneficiary.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 8 - BENEFICIARY › Section 17:6-8.2 - 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 all the remaining Plan
				account and all benefits. For example, if a beneficiary designation specifies
				shares that total less than 100 percent of the benefit, the Plan Administrator
				may adjust the shares pro rata so that the shares equal 100 percent.
3. Except as otherwise provided by the
				Program, 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 Title 3B of the New Jersey Statutes
				(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 this chapter 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 Program.
				Notwithstanding the preceding sentences, 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
				Program's records.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 8 - BENEFICIARY › Section 17:6-8.3 - 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 or its non-existence. Any undistributed benefit that would have been
				  distributable to a person had he or she lived or it existed 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 8 - BENEFICIARY › Section 17:6-8.4 - 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, or 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 8 - BENEFICIARY › Section 17:6-8.5 - Lack of beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
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, the
				  participant's beneficiary or beneficiaries designated with respect to his or
				  her group life insurance benefit under the Group Life Insurance Plan is the
				  beneficiary to the extent of the failure or invalid or ineffective designation.
				  If there is no designated beneficiary with respect to the participant's Group
				  Life Insurance Plan benefit, then the participant's estate is the beneficiary
				  to the extent of the failure or invalid or ineffective designation. For the
				  purposes of this setion, 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 8 - BENEFICIARY › Section 17:6-8.6 - 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 beneficiary is not a beneficiary and is not entitled to any
				  distribution or any other right under the Program or any Plan under the
				  Program; and any benefit is available as though the killer had predeceased the
				  participant or beneficiary.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 9 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:6-9.1 - QDRO procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon receipt of
				a final court order directed to the Retirement Plan, 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 and each alternate payee of receipt of an
				order and the Retirement Plan's 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
				17:6-9.3.
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 Retirement Plan accounts consistent
				with the QDRO; and
iii. Instruct
				the Trustee 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 9 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:6-9.2 - 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 9 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:6-9.3 - 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 Retirement Plan to provide any type or form of benefit or any
				option not otherwise provided under that Plan;
2. The order does not require the Retirement
				Plan 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 9 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:6-9.4 - 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 Retirement
				  Plan 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 Retirement Plan 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
				  Retirement Plan, the Plan Administrator shall give effect to that court order
				  to the extent permitted by the Retirement Plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 9 - QUALIFIED DOMESTIC RELATIONS ORDER › Section 17:6-9.5 - 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 10 - NO LOAN OR EARLY DISTRIBUTION › Section 17:6-10.1 - No loan

Current through Register Vol. 56, No. 14, July 15, 2024
The Retirement Plan does not permit any loan to a
				  participant or other interested person.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 10 - NO LOAN OR EARLY DISTRIBUTION › Section 17:6-10.2 - No hardship or in-service distributions

Current through Register Vol. 56, No. 14, July 15, 2024
The Retirement Plan does not permit hardship or other
				  in-service distributions to a participant or other interested person prior to
				  the participant's severance from employment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.1 - Distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon a
				participant's severance from employment, the participant is entitled to apply
				to receive his or her vested account(s) under the Retirement Plan in a single
				sum distribution or, if permitted by the Plan Administrator in a uniform matter
				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
				17:6-11.3 ).
(b) Upon a participant's death with
				undistributed amounts in his or her 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
				17:6-11.2.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.3 - 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 retires.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.4 - Default retirement distribution

Current through Register Vol. 56, No. 14, July 15, 2024
If a distribution is required to begin according to
				  17:6-11.2 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
				  17:6-11.3 ), 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.5 - 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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.6 - 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 DSP will use the
				  participant's age in determining the minimum distribution period according to
				  Treasury Reg. § 1.401(a)(9)-5/Q&A-4(a) without regard to Treasury Reg.
				  § 1.401(a)(9)-5/Q&A-4(b).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.7 - Distributions in cash

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 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.8 - 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 Retirement Plan, except as otherwise
				  expressly provided by the 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 N.J.A.C. 17:6-13 ). A corrective distribution includes (but is not
				  limited to) a corrective disbursement under Treasury Reg. § 1.415-6(b)(6)
				  or IRS Rev. Proc. 92-93.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.9 - Required minimum distribution waiver of 2009

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 described
				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 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), will be treated as eligible rollover
				distributions as provided in
				17:6-13.1.