reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 16 - GENERAL PROVISIONS › Section 17:6-16.23 - Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA)

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding
				any provisions of this Plan to the contrary, contributions, benefits, and
				service credit with respect to qualified military service shall be provided in
				accordance with the Uniformed Services Employment and Reemployment Rights Act
				of 1994 (USERRA) (as codified at Chapter 43, Title 38, of the United States
				Code); IRC § 414(u); and, effective January 1, 2007, IRC §
				401(a)(37), as amended from time to time.
(b) For purposes of this section, "qualified
				military service" means any service in the uniformed services as defined in
				USERRA by any individual if such individual is entitled to reemployment rights
				under USERRA with respect to such service.
(c) Effective January 1, 2009, a participant
				receiving a differential wage payment within the meaning of IRC §
				414(u)(12)(D) from the employer, may be treated as a participant and the
				differential wage payment may be treated as base salary and compensation under
				17:6-5.8. This subsection shall be
				applied to all similarly situated individuals in a reasonably equivalent
				manner.
(d) If the participant
				timely resumes employment in accordance with USERRA after a qualified military
				leave, the employer shall make any employer contribution that would have been
				made if the participant had remained employed during the participant's
				qualified military service. Such contributions must be made no later than 90
				days after the date of such reemployment or when contributions are normally due
				for the year in which the qualified military service was performed, if later.
				In determining the amount of employer contribution, a participant shall be
				treated as receiving base salary from the employer during such period of
				qualified military service equal to:
1. The
				base salary the participant would have received during such period if the
				participant were not in qualified military service, determined based on the
				rate of pay the participant would have received from the employer but for the
				absence during the period of qualified military service; or
2. If the base salary the participant would
				have received during such period is not reasonably certain, the participant's
				average compensation from the employer during the 12-month period immediately
				preceding the qualified military service (or, if shorter, the period of
				employment immediately preceding the qualified military service).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 17 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:6-17.1 - Benefit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Group Life
				Insurance Plan shall provide life insurance coverage under a group policy or
				policies issued by one or more insurance company providers as shall be selected
				from time to time by the Treasurer. The benefit shall be in an amount equal to
				one and one-half times the base annual salary of the participant, except that
				in the event of death after retirement, the amount payable shall equal 3/16 of
				the participant's base annual salary. For purposes of this subchapter, "base
				annual salary" means the annual rate of base salary upon which contributions by
				the participant and the participant's employer to the Retirement Plan were
				based as of the most recent January 1 or, if later, the date the participant
				first enrolled in the Program.
(b)
				For purposes of this section, a participant shall be deemed to be in service
				and covered by the Group Life Insurance Plan for a period of official leave of
				absence without pay when such leave is due to illness or any reason other than
				illness, with such period to be determined by the Plan Administrator, if
				satisfactory evidence is presented to the Plan Administrator of such official
				leave of absence. A participant shall be deemed to be on an official leave of
				absence only if the leave is formally approved by the employer prior to the
				time the leave commenced and timely notice is filed by the employer with the
				Plan Administrator. If timely notice is not filed, the employer shall be
				responsible for the payment of any benefits pursuant to this section if the
				participant was otherwise eligible for such benefits.
(c) In the event of the death of a
				participant in active service in the first year of participation as a result of
				an accident met in the actual performance of duty at some definite time and
				place, the death benefit payable pursuant to this section shall be computed at
				the annual rate of base salary.
(d)
				No beneficiary of a retired participant shall be entitled to receive the death
				benefit payable in the event of death after retirement pursuant to this section
				unless the participant either: had at least 25 years of credited participation
				in the Retirement Plan under this Program; or had at least 10 years of such
				credited participation and had attained 60 years of age and was an actively
				employed participant in the Retirement Plan under this Program in the year
				immediately preceding his or her distribution commencement date. For an
				eligible employee who is a participant pursuant to
				17:6-4.1(a)5,
				service credit in the Teachers' Pension and Annuity Fund, Police and Firemen's
				Retirement System, State Police Retirement System, or the Public Employees'
				Retirement System shall also be considered in determining if the participant
				met the requirements of this subsection.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 17 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:6-17.2 - Beneficiary designation

Current through Register Vol. 56, No. 14, July 15, 2024
At any time before his or her death, a participant may
				  designate a beneficiary or beneficiaries. This designation shall include: the
				  beneficiary's full name, Social Security number, tax identification number (for
				  estates or trusts), address, and date of birth. The terms of the group life
				  policy shall govern the disposition of the participant's benefit in the event
				  that the participant fails to designate a valid beneficiary for all, or any
				  part of, such life insurance benefit.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 17 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP LIFE INSURANCE PLAN › Section 17:6-17.3 - Life Insurance Premium Fund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator shall maintain the Defined Contribution Retirement Program Group
				Insurance Premium Fund (the "Life Insurance Premium Fund") created under
				43:15C-6 for the purpose of
				receiving and holding employer contributions with respect to the Group Life
				Insurance Plan and transmitting such contributions from time to time to the
				appropriate insurance provider(s) for this benefit.
(b) Amounts in the Life Insurance Premium
				Fund shall not be part of the Trust with respect to the Retirement Plan, but
				shall be separately accounted for. The Plan Administrator may establish one or
				more bank accounts or otherwise designate a custodian with respect to the Life
				Insurance Premium Fund, and shall generally be empowered to take all actions as
				may be necessary or desirable to maintain and administer the Life Insurance
				Premium Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 18 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP DISABILITY BENEFIT PLAN › Section 17:6-18.2 - Amount of benefit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The disability
				benefit provided under a group policy or policies shall be in an amount equal
				to 60 percent of the participant's base monthly salary, reduced by periodic
				benefits to which the participant may be entitled during the period of total
				disability. For an eligible employee who is a participant pursuant to
				17:6-4.1(a)5,
				base monthly salary for this disability benefit shall mean the base or
				contractual salary upon which contributions were made to the Teachers' Pension
				and Annuity Fund, Police and Firemen's Retirement System, State Police
				Retirement System, or the Public Employees' Retirement System and to this
				Program.
(b) The periodic benefit
				by which the monthly disability benefit may be reduced shall include salary or
				wages, retirement benefits or benefits from any source for which the State or
				other public employer has paid any part of the cost or made payroll deductions,
				Social Security disability or other benefits, including dependents' benefits,
				and benefits paid by Social Security at the option of the participant before
				the age of 65, but not including any increase in Social Security benefits
				enacted after the disability benefit under such group policy or policies have
				commenced, and any other periodic benefits provided by law except on account of
				military service.
(c) When a
				participant begins to receive a disability benefit under such group policy or
				policies, the insurance company shall pay an amount equal to the employee
				contribution which would have been required of the participant and deducted
				from the participant's base salary in order to meet the participant's
				obligation for the Retirement Plan. Such amount shall be paid by the insurance
				company without reduction by any other periodic benefit which the participant
				is eligible to receive. Such amount shall be paid by the insurance company to
				the participant's account under the Retirement Plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 18 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP DISABILITY BENEFIT PLAN › Section 17:6-18.3 - Definition of total disability

Current through Register Vol. 56, No. 14, July 15, 2024
The participant shall be considered totally disabled if the
				  participant is unable to perform each duty of the participant's occupation and
				  is under the regular care of a physician. After the 24 months following the
				  commencement of disability benefit payments, the participant shall be unable to
				  engage in any gainful occupation for which the participant is reasonably fitted
				  by education, training or experience. Total disability shall not be considered
				  to exist if the participant is gainfully employed. Following an agreement with
				  the insurance company and the policyholder, the participant may continue to
				  receive disability benefits for a limited time while performing some type of
				  work. During the period of rehabilitation, the monthly benefit shall be the
				  regular payment less 80 percent of the participant's earnings from such
				  rehabilitative position.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 18 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP DISABILITY BENEFIT PLAN › Section 17:6-18.4 - Disability Premium Fund

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Administrator shall maintain the Defined Contribution Retirement Program
				Disability Premium Fund (the "Disability Premium Fund") created under
				43:15C-14 for the purpose of
				receiving and holding employer contributions with respect to the Group
				Disability Benefit Plan and transmitting such contributions from time to time
				to the appropriate insurance provider(s) for this benefit.
(b) Amounts in the Disability Premium Fund
				shall not be part of the Trust with respect to the Retirement Plan, but shall
				be separately accounted for. The Plan Administrator may establish one or more
				bank accounts or otherwise designate a custodian with respect to the Disability
				Premium Fund, and shall generally be empowered to take all actions as may be
				necessary or desirable to maintain and administer the Disability Premium Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 19 - AMENDMENT › Section 17:6-19.1 - Program amendment

Current through Register Vol. 56, No. 14, July 15, 2024
Subject only to the New Jersey Constitution and
				  17:6-19.2, the New Jersey
				  Legislature has the right to amend the Program at any time. To the extent
				  consistent with the enabling statute, the Treasurer of the State of New Jersey
				  has the right to amend the Program (including the terms of any Plan under the
				  Program) and the separate premium funds with respect to the Group Life
				  Insurance Plan and Group Disability Plan at any time and/or to adopt rules and
				  regulations consistent with the Program and applicable law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 19 - AMENDMENT › Section 17:6-19.2 - Amendment cannot change exclusive benefit

Current through Register Vol. 56, No. 14, July 15, 2024
Any amendment of the Program shall not be effective to the
				  extent that the amendment has the effect of causing any Program assets to be
				  diverted to or inure to the benefit of the State, the Plan Administrator or any
				  employer, or to be used for any purpose other than providing benefits to
				  participants and beneficiaries and defraying reasonable expenses of
				  administering the Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.1 - Construction and interpretation of Program

Current through Register Vol. 56, No. 14, July 15, 2024
The provisions of this subchapter govern the construction or
				  interpretation of this Program. These rules of construction and interpretation
				  shall apply for all provisions, and shall supersede any other construction or
				  interpretation rules.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.2 - Construction of Retirement Plan as a qualified plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Plan
				Sponsor intends that the Retirement Plan conform to the Internal Revenue Code's
				requirements for Federal tax treatment under IRC §§ 401(a) and
				414(d), with employee contributions picked up under an arrangement consistent
				with IRC § 414(h)(2). Therefore, the Plan Administrator will construe and
				interpret the Retirement Plan to state provisions that conform to the
				requirements of IRC § 401, as applicable to a governmental plan under IRC
				§ 414(d). When the Internal Revenue Code is amended through subsequent
				legislation, the Plan Administrator will construe and interpret the Retirement
				Plan as stating provisions consistent with such amendment.
1. To the extent required for the Retirement
				Plan to qualify under IRC § 401(a), the provisions of this Plan shall be
				construed, consistent with Treasury Reg. § 1.401-1(b)(1)(ii), to provide:
i. A definite pre-determined formula for
				allocating contributions;
ii. A
				definite pre-determined formula for allocating investment earnings (and losses)
				among accounts;
iii. Periodic
				valuation of Plan assets (including investment options) and Trust assets at
				least once each year; and
iv.
				Periodic valuation of accounts at least once each year; and distribution of
				accounts after attainment of a specified age or the occurrence of some event.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.3 - Conformance with Federal statutes

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Retirement
				Plan has been drafted as a governmental plan intended to conform to the
				applicable requirements of the Uruguay Round Agreement Act,
				Pub. L.
				103-465; the Uniformed Services Employment and
				Reemployment Rights Act of 1994, 38 U.S.C. §§ 43 et seq.; the Small
				Business Job Protection Act of 1996,
				Pub. L.
				104-188; the Taxpayer Relief Act of 1997,
				Pub. L.
				105-34; the Internal Revenue Service Restructuring
				and Reform Act of 1998, Pub. L. 105-206; and the
				Community Renewal Tax Relief Act of 2000,
				Pub. L.
				106-554. Furthermore, the Retirement Plan is
				amended to comply with certain provisions of the Economic Growth and Tax Relief
				Reconciliation Act of 2001 (EGTRRA),
				Pub. L.
				107-16; the Pension Protection Act of 2006 (PPA),
				Pub. L.
				109-280; the Heroes Earnings Assistance and Relief
				Tax Act of 2008 (HEART), Pub. L. 110-245; and the
				Worker, Retiree, and Employer Recovery Act of 2008 (WRERA),
				Pub. L.
				110-458.
(b) Except as otherwise specifically provided
				in this chapter, this chapter establishes the rights and obligations with
				respect to individuals who are employees on and after such dates, as
				applicable, and to transactions under the Retirement Plan on and after such
				dates, as applicable. The rights and benefits, if any, of individuals who are
				not employees on or after such dates, as applicable, shall be determined in
				accordance with the terms and provisions of the Retirement Plan that were in
				effect on the date that their employment terminated, except as otherwise
				specifically provided in this chapter or in a subsequent amendment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.4 - Conformance with enabling statute

Current through Register Vol. 56, No. 14, July 15, 2024
The Program is established and maintained with the intent
				  that the Program, and each Plan established under the Program conform to the
				  applicable requirements of the enabling statute. The provisions of the Program
				  shall be interpreted whenever possible to state provisions that conform to the
				  applicable requirements of the enabling statute. When the enabling statute is
				  amended or interpreted through subsequent legislation or regulations or an
				  attorney general opinion, the Program should be construed as stating provisions
				  consistent with such amendment or interpretation of the applicable law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.5 - Reference to statutes and regulations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any reference
				to a section of the Internal Revenue Code shall be construed to also refer to
				any successor provision. Any reference to a section of Treasury Regulations
				shall be construed to also refer to any successor provision of such Treasury
				Regulations. Any reference to a Revenue Ruling or Revenue Procedure or Internal
				Revenue Service (IRS) Notice or IRS Announcement shall be construed to also
				refer to any guidance of general applicability that extends, amplifies, or
				modifies the Revenue Ruling or Revenue Procedure or IRS Notice or IRS
				Announcement.
(b) The Program
				refers to relevant regulations, including, but not limited to, Treasury
				Regulations under the Internal Revenue Code, without regard to whether the
				regulations are substantive or interpretive and without regard to whether the
				regulations are proposed or temporary or final; but it is intended that any
				provision that refers to a regulation shall be construed to refer to the
				regulation in the sense of the appropriate legal effect (under administrative
				procedure law and otherwise) that the regulation currently has at the time the
				construction is made.
(c) To the
				extent that a provision states a duty owed to any government (rather than a
				duty to a participant or beneficiary or other person or entity having an
				interest under the Program), the provision shall be construed as directory and
				shall be enforced only by such government. However, a provision that is
				necessary for the Retirement Plan to meet the requirements of a qualified plan
				within the meaning of IRC § 401(a) includes a duty owed to participants
				and beneficiaries and is not directory.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.6 - Consistent with investment law

Current through Register Vol. 56, No. 14, July 15, 2024
Whenever, after applying the specific construction rules of
				  any definition or provision or part and the general construction rules stated
				  in this subchapter, the Retirement Plan may be susceptible to more than one
				  construction or interpretation, a construction or interpretation that is
				  consistent with or that is not inconsistent with applicable investment law is
				  preferred over a construction or interpretation that is inconsistent with
				  applicable investment law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.7 - Construction of words and phrases

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The headings
				and codification of provisions in the Program and text that is stated within
				parentheses are included solely for convenience of reference and are not
				intended to limit, amplify, or affect the construction of any provision of the
				Program.
(b) The phrases "under the
				Program," "under the Plan," "under this Program" or "under this Plan" refer to
				the entire Program or Plan as a whole, as applicable, and not merely to any
				part of any document or provision in which the phrase appears. Any reference to
				a part of this chapter refers to the whole part. Any reference to a definition
				or provision of this chapter refers to the whole definition or provision,
				unless the reference specifies a particular portion or paragraph of the
				provision.
(c) The singular shall
				be construed to include the plural, unless the context clearly indicates
				otherwise.
(d) The words "as" or
				"if" shall be construed to mean the phrase, "to the extent that," as
				appropriate in the context.
(e) Any
				reference to the Plan Administrator shall be construed to refer to a DSP to the
				extent that the DSP is authorized to act on behalf of or under the direction of
				the Plan Administrator.
(f) Unless
				the provision states otherwise, any reference to a person or party shall be
				construed to refer also to any non-natural person or any entity (including, but
				not limited to, any trust or estate).
(g) Any reference to a corporation or similar
				organization shall be construed to include any successor to the corporation or
				similar organization.
(h) If any
				provision concerning a benefit under the Program is ambiguous, a construction
				or interpretation of the provision that would provide that such benefit is
				available in a non-discriminatory manner shall take precedence over a
				construction or interpretation that would not so provide.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.8 - Conformance with United States of America Constitution and New Jersey Constitution

Current through Register Vol. 56, No. 14, July 15, 2024
When applying any of the preceding construction rules
				  relating to the Internal Revenue Code or the enabling statute, the Plan
				  Administrator need not consider any statute or regulation or order to the
				  extent that its application is contrary to the Constitution of the United
				  States of America or is contrary to the Constitution of the State of New
				  Jersey.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 20 - CONSTRUCTION › Section 17:6-20.9 - Resolution of claims

Current through Register Vol. 56, No. 14, July 15, 2024
In accordance with this chapter, a claimant or aggrieved
				  individual shall file a claim with the Director of the Division of Pensions and
				  Benefits. The Director has full power and discretionary authority to construe
				  and interpret the provisions of the Defined Contribution Retirement Program 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 1 - ADMINISTRATION › Section 17:7-1.1 - Program established

Current through Register Vol. 56, No. 14, July 15, 2024
This document restates the provisions of the Alternate
				  Benefit Program originally established effective July 1, 1969 by P.L. 1969, c.
				  242 § 4;
				  18A:64A-72,
				  18A:66-168 through
				  18A:66-175,
				  18A:66-183,
				  18A:66-185 through
				  18A:66-192,
				  18A:71A-11,
				  43:1-1 et seq., 43:3C-1, 43:3C-3,
				  43:3C-4, 43:3C-5, 43:3C-6, 43:3C-8, 43:3C-9, 43:3C-9.1, 43:3C-9.2, 43:3C-9.4,
				  43:3C-9.5, 43:3C-9.6, and 43:3C-10 and N.J.A.C. 17:1. The ABP Retirement Plan
				  and the New Jersey Additional Contributions Tax-Sheltered Program are deemed to
				  be pension funds or retirement systems for purposes of P.L. 1968, c. 23
				  (43:3C-1 et seq.).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:7-1.3 - ERISA does not apply

Current through Register Vol. 56, No. 14, July 15, 2024
The United States Code provisions created by Title I of the
				  Employee Retirement Income Security Act of 1974 (ERISA),
				  29 U.S.C.
				  §§
										1001 et seq., do not apply to
				  this Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:7-1.4 - Governmental plan rules

Current through Register Vol. 56, No. 14, July 15, 2024
Each Plan that is a part of the Program is intended to be a
				  governmental plan within the meaning of
				  29
				  U.S.C. §
										1002(32) and
				  IRC § 414(d).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:7-1.5 - Exclusive benefit

Current through Register Vol. 56, No. 14, July 15, 2024
The Program, and the Plans under the Program, are
				  established for the exclusive benefit of participants and their beneficiaries.
				  Consistent with IRC § 401(a)(2), no amount held under the ABP Retirement
				  Plan or ACTS will ever inure to the benefit of the Plan Sponsor, any employer,
				  the Plan Administrator, or any successor of any of them, and all ABP Retirement
				  Plan investments and amounts will be held for the exclusive purpose of
				  providing benefits to the ABP Retirement Plan's participants and their
				  beneficiaries. Notwithstanding anything in this chapter to the contrary, it
				  shall be impossible at any time before the satisfaction of all liabilities to
				  participants, beneficiaries, and alternate payees for any part of the ABP
				  Retirement Plan or ACTS assets to be used for or diverted to purposes other
				  than for the exclusive benefit of participants, beneficiaries, and alternate
				  payees in the ABP Retirement Plan, except that payment of taxes and
				  administration expenses may be made from the ABP Retirement Plan assets as
				  provided by the ABP Retirement Plan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:7-1.6 - No third-party beneficiary

Current through Register Vol. 56, No. 14, July 15, 2024
The Plan Sponsor and each employer does not intend by any of
				  the Program's provisions to make any person other than a participant, an
				  alternate payee designated by a Qualified Domestic Relations Order, or a
				  beneficiary under an applicable Plan following the death of the participant a
				  third-party beneficiary of the Program or any Plan under the Program. Further,
				  nothing in the Program can be construed or interpreted to authorize any person
				  other than a participant, alternate payee, or beneficiary after the
				  participant's death to maintain any cause of action under or relating to the
				  Program. The duties, obligations, and responsibilities of the Plan
				  Administrator and each employer concerning third parties will remain solely as
				  imposed by applicable law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 1 - ADMINISTRATION › Section 17:7-1.7 - Records

Current through Register Vol. 56, No. 14, July 15, 2024
No additional retirement, death, or other benefit under the
				  ABP Retirement Plan shall be payable by the State; Rutgers, the State
				  University; the New Jersey Institute of Technology; Rowan University;
				  University Hospital; State colleges and universities; county colleges; or the
				  Division of Pensions and Benefits. Benefits shall be payable to participants
				  and their beneficiaries only by the pension providers under the terms of the
				  contracts with such pension providers.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 3 - PENSION PROVIDER SELECTION BOARD › Section 17:7-3.1 - Composition

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board shall
				consist of:
1. The Director of the Division of
				Pensions and Benefits or a designee;
2. The Director of the Division of Investment
				or a designee;
3. The Commissioner
				of the Department of Banking and Insurance or a designee;
4. The Director of the Division of Purchase
				and Property or a designee; and
5.
				A person appointed by the Director of the Division of Pensions and Benefits who
				is an active participant or receiving a benefit from the Alternate Benefit
				Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 3 - PENSION PROVIDER SELECTION BOARD › Section 17:7-3.2 - Selection of pension providers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board shall
				select through a competitive bidding process at least three unrelated insurance
				or mutual fund companies licensed or otherwise authorized to transact business
				in New Jersey from which alternate benefit contracts will be purchased or
				investment options will be provided for the Retirement Plan and for the ACTS.
				These insurers or mutual fund companies shall be selected by competitive
				bidding in accordance with all applicable State laws and regulations. The
				selected pension providers shall be authorized to receive contributions within
				60 days of their selection. Each contract shall be awarded for a period not to
				exceed six years with a renewal option for a period not to exceed three years.
				All pension providers shall be subject to a performance review by the Board
				every seven years and must meet such standards as the Board shall establish by
				rule in order to be renewed for another term of seven years as pension
				providers. The ability to remove a pension provider for cause during a
				seven-year term is not waived. In establishing by rule the criteria for the
				initial selection and any performance review of a pension provider, the Board
				shall consider, among other things, the following:
1. The portability of the contracts and
				investment options offered or to be offered by the company, based on the number
				of states in which the company provides contracts under similar
				plans;
2. The efficacy of the
				contracts and investment options in the recruitment and retention of employees
				for the various State public institutions of higher education;
3. The nature and extent of the rights and
				benefits to be provided by the contracts and investment options for
				participating employees and their beneficiaries;
4. The relation of the rights and benefits to
				the amount of contributions to be made pursuant to the provisions of
				18A:66-172.1;
5. The suitability of the rights and benefits
				to the needs and interests of participating employees and the various State
				public institutions of higher education; and
6. The ability of the company to provide the
				rights and benefits under such contracts and investment options.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 3 - PENSION PROVIDER SELECTION BOARD › Section 17:7-3.3 - Performance review

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Division
				shall review on an annual basis, or sooner if needed:
1. The financial soundness of the company,
				the extent of the company's financial commitment to the contracts and
				investment options, and whether the company meets the minimum financial
				criteria established by the Division;
2. The company's overall quality of service,
				its investment performance considering return on investments and risk, the
				administrative fee to be charged to participants, and the offering of a
				balanced array of investment opportunities; and
3. The nature of the informational or
				promotional materials to be provided to eligible employees.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 4 - INSURANCE, DEATH BENEFITS AND RETIREMENT › Section 17:7-4.1 - Death or retirement of participant; notice

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				following employees shall be eligible and shall immediately enroll in the
				Alternate Benefit Program:
1. All full-time
				officers and all full-time members of the faculty of Rutgers, the State
				University; the New Jersey Institute of Technology; Rowan University; the State
				universities and colleges; the county colleges; and all regularly appointed
				teaching and administrative staff members in applicable positions, as
				determined by the Director of the Division;
2. Adjunct faculty members and part-time
				instructors of the faculty of Rutgers, the State University; the New Jersey
				Institute of Technology; Rowan University; the State universities and colleges;
				and the county colleges, who teach a minimum of one three-credit hour course
				for a full fall or spring semester.
i.
				Adjunct faculty and part-time instructors will be considered 10-month
				employees.
ii. Salary is reportable
				and service will be accrued for teaching only during the spring and fall
				semesters.
iii. Six months of
				service credit will be earned for teaching a minimum of one three-credit hour
				course for the full semester.
iv.
				Additional teaching responsibilities over the minimum under this paragraph
				during the spring or fall semester will be pensionable based on the salary
				earned during each full semester.
v. Teaching assignments outside of the spring
				or fall semester or below the minimum will not accrue ABP service credit and
				related salary is not pensionable; and
3. Under special provisions contained in
				P.L.
				2012, c. 45, all ABP
				members employed by the former University of Medicine and Dentistry of New
				Jersey on June 30, 2013, who are employees of University Hospital on July 1,
				2013.
i. An employee who terminates
				employment with University Hospital for any reason and subsequently becomes
				reemployed by University Hospital will not be permitted to resume participation
				in the ABP.
ii. No employee of
				University Hospital hired on or after July 1, 2013, except those former
				employees of the University of Medicine and Dentistry of New Jersey who were
				employed by University Hospital on July 1, 2013, shall be eligible to
				participate in the ABP.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 4 - INSURANCE, DEATH BENEFITS AND RETIREMENT › Section 17:7-4.2 - Assignments; group life insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employees
				meeting the following criteria shall not be eligible to participate in the ABP:
1. Individuals temporarily within the United
				States under an F or J visa;
2.
				Temporary employees who are appointed for one school year, one semester, or a
				lesser period of time;
3.
				Individuals employed in non-administrative staff positions;
4. Any person receiving a benefit by reason
				of his or her retirement from any retirement or pension system of the State of
				New Jersey or any political subdivision thereof (including an individual
				collecting an annuity or cash distribution from the Retirement Plan);
5. Those persons appointed in a part-time or
				temporary capacity, except as provided under
				17:7-4.1(a)2  and
				4.3(h);
6. Physicians and dentists
				holding employment in positions titled intern, resident, or fellow on or after
				September 2, 1982;
7. Persons
				compensated on a fee basis;
8.
				Members of the Teachers' Pension and Annuity Fund, the Public Employees'
				Retirement System, the Police and Firemen's Retirement System, or the Group
				Annuity Plan, who did not elect to transfer to the Alternate Benefit Program in
				accordance with the provisions of Chapter 64C or 65 of Title 18A of the New
				Jersey Statutes, P.L. 1967, c. 278 (
N.J.S.A. 18A:66-130
et
				seq.), or P.L. 1967, c. 281 (N.J.S.A. 18A:66-142 et seq.), or P.L. 1968, c. 181
				(N.J.S.A. 18A:66-154 et seq.);
9.
				Any eligible employee who has been enrolled in the Alternate Benefit Program
				for at least one year who is promoted or transferred to a part-time position
				within the institution will not be eligible for continued participation in the
				Alternate Benefit Program on the basis of that employment, unless they are
				covered by
17:7-4.1(a)
2;
10. Non-U.S. citizens
				employed outside the United States; and
11. U.S. citizens employed outside the United
				States, where compensation paid is not subject to tax under the Federal
				Insurance Contributions Act (FICA).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 4 - INSURANCE, DEATH BENEFITS AND RETIREMENT › Section 17:7-4.4 - Responsibility to determine eligibility for participation in ABP

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director of
				the Division shall have the responsibility to determine eligibility for
				participation in the Alternate Benefit Program in accordance with the law and
				rules governing the Retirement Plan.
(b) If the Director of the Division declares
				a particular job title to be eligible, all personnel currently employed in that
				title at that institution will then become eligible for participation in the
				Alternate Benefit Program and must, if otherwise eligible, elect within 90 days
				to participate in either the Alternate Benefit Program or the Public Employees'
				Retirement System.
(c) If an
				individual does not file an Election of Retirement Coverage form during this
				90-day period, the individual must remain in the Alternate Benefit Program.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 4 - INSURANCE, DEATH BENEFITS AND RETIREMENT › Section 17:7-4.5 - Participation in the Teachers' Pension and Annuity Fund, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the Group Annuity Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any person
				participating in the Alternate Benefit Program shall be ineligible for
				membership in the Teachers' Pension and Annuity Fund, the Public Employees'
				Retirement System, the Police and Firemen's Retirement System, or the Group
				Annuity Plan and any person electing to participate in the Alternate Benefit
				Program shall thereby waive all rights and benefits provided by the Teachers'
				Pension and Annuity Fund, the Public Employees' Retirement System, the Police
				and Firemen's Retirement System, or the Group Annuity Plan as a member of said
				fund, system, or plan, except as in this chapter and otherwise provided by law
				or under terms of the Group Annuity Plan.
(b) An eligible employee who is required to
				participate in the ABP Retirement Plan pursuant to
				43:3C-9 may not waive
				participation under this chapter, except as otherwise provided in the Plan. Any
				person required to participate in the Alternate Benefit Program by reason of
				employment, who at the time of such employment is a member of the Teachers'
				Pension and Annuity Fund, shall be permitted to transfer his or her membership
				in said fund to the Public Employees' Retirement System, by waiving all rights
				and benefits that would otherwise be provided by the Alternate Benefit Program.
				Any such new employee who is a member of the Public Employees' Retirement
				System will be permitted to continue his or her membership in that system, by
				waiving all rights and benefits that would otherwise be provided by the
				Alternate Benefit Program. Such waivers shall be accomplished by filing forms
				satisfactory to the Division within 30 days of the beginning date of
				employment.
(c) An individual who
				is participating in the Teachers' Pension and Annuity Fund, the Public
				Employees' Retirement System, the Police and Firemen's Retirement System, or
				the Group Annuity Plan and who becomes an adjunct faculty member shall be
				mandatorily covered in the Alternate Benefit Program under
				17:7-4.1(b)  for
				purposes of his or her base salary in the adjunct faculty member position.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 4 - INSURANCE, DEATH BENEFITS AND RETIREMENT › Section 17:7-4.7 - Present or former members of Police and Firemen's Retirement System; transfer of contributions

Current through Register Vol. 56, No. 14, July 15, 2024
Any person who is or has been a member of the Police and
				  Firemen's Retirement System and who has taken, or shall take, an office,
				  position, or employment in any position covered by the Alternate Benefit
				  Program established pursuant to P.L. 1969, c. 242 (18A:66-167 et seq.), but who,
				  prior to the enactment of P.L. 1981, c. 342, was ineligible to transfer his or
				  her contributions from the Police and Firemen's Retirement System, shall be
				  entitled, upon application, to transfer his or her contributions from the
				  Police and Firemen's Retirement System to the Alternate Benefit Program as
				  provided in section 7 of P.L. 1969, c. 242. If the person's membership in the
				  Police and Firemen's Retirement System has expired on or before December 17,
				  1981, but he or she has not withdrawn his or her contributions from the system,
				  he or she shall be entitled, upon application, to transfer his or her
				  contributions from the Police and Firemen's Retirement System to the Alternate
				  Benefit Program as provided in section 7 of P.L. 1969, c. 242.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.1 - Enrollment in ABP Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employer and
				employee contributions with respect to the ABP Retirement Plan shall be made
				with respect to eligible employees who are enrolled as participants in the ABP
				Retirement Plan as follows:
1. An eligible
				employee shall be automatically enrolled as a participant in the ABP Retirement
				Plan, with respect to employee contributions, as a condition of his or her
				employment.
2. The compulsory
				enrollment date shall be fixed as the first of the month for an eligible
				employee whose regular appointment date falls between the first through 16th of
				the month. An eligible employee whose regular appointment falls between the
				17th and the end of the month shall be fixed as of the first of the following
				month.
3. If there is a delay in
				enrolling the participant into the ABP Retirement Plan, the employer shall be
				responsible for collecting contributions from the participant's eligible
				enrollment date.
4. No employee or
				employer contribution shall be authorized by the Division for payment to any
				pension provider until the ABP enrollment application process has been
				completed.
5. If an employee fails
				to provide the member information required to complete the ABP enrollment
				application process, even though the eligible employee and the employer have
				been advised of the compulsory nature of enrollment, the certifying officer
				shall be obligated to provide the member information required for enrollment by
				no later than 30 days after the employee's eligibility determination
				date.
6. The employee's estate
				shall be the employee's beneficiary for the employee account until such time as
				a beneficiary designation on the applicable form is received by the
				Division.
7. If the employee fails
				to designate a pension provider on the applicable form, the certifying officer
				shall be obligated to complete the applicable form to elect the pension
				provider and investment option selected as the default for the current plan
				year. In these situations, the employer shall be required to submit both the
				employee's and employer's contributions to the default provider designated for
				that Plan year no later than 45 days after the commencement of payroll
				deductions.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 5 - CONTRIBUTIONS TO THE ABP RETIREMENT PLAN › Section 17:7-5.2 - Employee contribution; pick-up in ABP Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employee
				contributions will be made as follows:
1.
				Rutgers, the State University; the New Jersey Institute of Technology;
				University Hospital; and Rowan University shall reduce the compensation of each
				participant in the ABP Retirement Plan and pay over to the insurers or mutual
				fund companies for the benefit of the participant an employee contribution for
				the retirement annuity contract or contracts equal to five percent of the
				participant's base salary. The intervals for payroll shall be determined by the
				respective school governing bodies.
2. The Division shall provide for reductions
				from the compensation of each participant in the ABP Retirement Plan employed
				by the State and county colleges of an employee contribution equal to five
				percent of the participant's base salary and pay this amount to the insurers or
				mutual fund companies for the individual's retirement annuity contract or
				contracts. The intervals for payroll shall be determined by the
				Division.