N.J. Admin. Code § 17:6-16.5

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

Section 17:6-16.5 - Expenses

(a) The expenses incurred by the Plan Administrator in connection with the operation of the Retirement Plan, including, but not limited to, the expenses incurred by reason of the engagement of professional assistants and consultants, shall, unless payable by the employer pursuant to 43:15C-3(b), be expenses of the Retirement Plan and shall be payable from the Trust fund at the direction of the Plan Administrator.

(b) Upon the Plan Administrator's written instruction, the Plan Administrator, the DSP or other person providing administrative services to the Retirement Plan may be reimbursed from the Trust Fund for any reasonable expenses approved by the Plan Administrator which are incurred in performing administrative services regarding the Retirement Plan. Except as otherwise provided or permitted, the reimbursement shall, with respect to the Retirement Plan, be effected by deducting a charge against all accounts according to an equitable method determined by the Plan Administrator.

(c) If the Internal Revenue Service determines, and the determination is not contested, or if contested, is finally upheld (or otherwise finally determined), or if a final court order (that is not appealed) decides that any payment of expenses with respect to the Retirement Plan is a violation of IRC § 401(a)(2), the Plan Administrator may assess the employers on a pro rata basis according to the number of participants in the Retirement Plan for these expenses.

N.J. Admin. Code § 17:6-16.5