N.J. Admin. Code § 13:69C-8.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:69C-8.3 - Profit sharing agreements

(a) Agreements between a casino licensee and its employees which provide for casino employee registrant or casino key employee licensee profit sharing shall be lawful if the agreement is in writing and filed with the Division prior to its effective date. Such agreements may be reviewed by the Division under any relevant provision of the Act.

(b) Payments by a casino licensee under a profit sharing agreement shall only be made to properly registered casino employees or licensed casino key employees.

(c) Concurrent with the filing of a profit sharing agreement, casino licensees shall submit the following information to the Division:

1. The number of participants in the profit sharing agreement and the associated positions; and

2. Projected payments under the profit sharing agreement for the next two calendar years.

(d) Changes or amendments to previously filed profit sharing agreements will be effective upon filing such changes or amendments with the Division, provided that a narrative description of the changes to the profit sharing agreement is filed, including any changes to anticipated payments under the plan.

(e) On an annual basis, each casino licensee shall submit the following information regarding profit sharing agreements to the Division no later than March 31:

1. For casino licensees that maintain such profit sharing agreements, an attestation that the casino licensee has complied with N.J.A.C. 13:69-8.3(b); and

2. The total amount paid under each profit sharing agreement for the prior calendar year, with a grand total for all profit sharing agreements.

(f) The cancellation of any profit sharing agreement shall be reported to the Division within five days of termination.

(g) Nothing herein shall be construed to require casino licensees to file reports stating that the casino licensee does not maintain a profit sharing agreement with any employee.

N.J. Admin. Code § 13:69C-8.3

Amended by 50 N.J.R. 612(a), effective 1/16/2018