N.J. Admin. Code § 17:6-4.3

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

Section 17:6-4.3 - Waiver of participation

(a) A Public Employees Retirement System (PERS), Teachers' Pension and Annuity Fund (TPAF), Police and Firemen's Retirement System (PFRS), or State Police Retirement System (SPRS) member who is also eligible for the DCRP, due to the maximum compensation limit defined at N.J.S.A. 43:15C-2.a(5), may voluntarily waive participation in the DCRP by submitting a DCRP Waiver Form to the Division of Pensions and Benefits. The completed DCRP Waiver Form waives all rights and benefits that would otherwise be provided by the Retirement Plan. To the extent permitted by the Internal Revenue Code, such a person may thereafter make a one-time irrevocable election to participate in the Retirement Plan by filing, on an applicable form required by the Plan Administrator, a written election to participate in the Retirement Plan, and participation in the Retirement Plan pursuant to such election shall commence on the January 1 next following the filing of the election to participate.

(b) A waiver election under (a) above must be made on the applicable form and filed with the Plan Administrator and the appropriate officer of the employer.

(c) An eligible employee who has not made the waiver election permitted by (a) above within 30 calendar days of the latest of the participant's first date of paid employment with an employer under 43:15C-2, the Retirement Plan implementation date, and the date the Plan Administrator notifies the eligible employee of the waiver election opportunity, is deemed to have not waived membership in the Retirement Plan and is deemed to have irrevocably elected to participate in this Plan.

N.J. Admin. Code § 17:6-4.3

Amended by 52 N.J.R. 802(a), effective 4/6/2020