N.J. Admin. Code § 17:6-17.3

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

Section 17:6-17.3 - Life Insurance Premium Fund

(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.