N.J. Admin. Code § 17:6-5.1

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

Section 17:6-5.1 - Enrollment

(a) Employer and employee contributions with respect to the Retirement Plan shall be made with respect to eligible employees on and after the Retirement Plan implementation date who have enrolled as participants in the Retirement Plan.

1. An eligible employee shall be enrolled as a participant in the Retirement Plan, with respect to employee mandatory contributions, as of his or her date of hire as an eligible employee (except as otherwise provided by N.J.A.C. 17:6-4.3). Pursuant to such required enrollment, each eligible employee shall make employee mandatory contributions (within the parameters permitted by N.J.S.A. 43:15C-3.a, as well as catch-up employee mandatory contributions as described in N.J.A.C. 17:6-5.2).

2. Each eligible employee shall be afforded the opportunity, coincident with or as soon as practicable following his or her date of hire as an eligible employee (or, if later, the Retirement Plan implementation date) to file a participation agreement on an applicable form with the Plan Administrator. By filing the participation agreement, the eligible employee may designate the investment option or options in which employee contributions and employer contributions shall be initially invested following the filing of the participation agreement. (If no such election of investment option or options is made (or if such election does not provide investment directions with respect to 100 percent of the participant's account), the Plan Administrator shall direct the investment of the participant's account in one or more default investment options as the Plan Administrator may designate from time to time, with the approval of the Division of Investment).

i. A participant may elect, to the extent permitted by State law and as provided in the participation agreement (or on a separate participation agreement), to make (in addition to his or her employee mandatory contributions) additional employee voluntary contributions in such amount and in accordance with such rules as shall be established by the Plan Administrator provided such election is filed no later than 60 days following the later of the participant's date of hire as an eligible employee or the voluntary contribution implementation date. Such election to make employee voluntary contributions shall authorize the employer to reduce such participant's base salary by a percentage amount each payroll period (after the filing of the participation agreement with respect to the employee voluntary contributions) for contribution to the Retirement Plan as an employee voluntary contribution.

N.J. Admin. Code § 17:6-5.1

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