N.J. Admin. Code § 17:6-14.5

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

Section 17:6-14.5 - Delay of payment

(a) The Plan Administrator may delay approval of a distribution and the DSP may delay payment of an approved distribution:

1. To receive any necessary information;

2. To permit a valuation of the account;

3. To permit any necessary or appropriate liquidation of assets;

4. If a dispute arises as to the proper payee;

5. If the Plan Administrator or the DSP has written notice of a domestic relations case or petition that may involve the applicable account;

6. If the Plan Administrator or the DSP has written notice of a bankruptcy case or petition that may involve the applicable account;

7. If the Plan Administrator or the DSP has notice of any legal proceeding or petition that may involve the applicable account;

8. For any reason described elsewhere in this chapter;

9. For any other lawful purpose;

10. Without limiting the comprehensive effect of (a)1 through 9 above, to the extent that any distribution requires a redemption or transfer of an investment option's shares, the Plan Administrator shall delay the distribution during any period when the NYSE is closed other than for a weekend or a holiday, or when trading on the NYSE is restricted (as determined by the SEC), or when an emergency exists making disposal of an investment option's securities or valuation of an investment option's net assets not reasonably practicable, or when the SEC has required or permitted the suspension of redemptions or transfers by order, or during any period otherwise described by section 22(e)(1) through (3) of the Investment Company Act of 1940, as amended ( 15 U.S.C. § 80a- 22(e)(1) through (3)) . Also, the Plan Administrator or the DSP may delay any distribution if doing so is necessary or appropriate to avoid exceeding an investment option's "large transaction amount" requirement that applies to the Trust; or

11. If the participant received an allocation of employer contributions for a period that included his or her absence under a Federal or state Family and Medical Leave Act, the Plan Administrator shall delay payment of any distribution until the Plan Administrator is satisfied that the participant has returned to work from such absence or that the participant will not or did not return to work from such absence.

N.J. Admin. Code § 17:6-14.5