N.J. Admin. Code § 17:6-11.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:6-11.1 - Distribution

(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.