N.J. Admin. Code § 17:6-5.3

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

Section 17:6-5.3 - Employer contributions

(a) For each participant enrolled in the Retirement Plan and making employee mandatory contributions, the employer shall, subject to 17:6-5.7, make employer contributions in the percentage amount provided by 43:15C-3(b) multiplied by the participant's base salary for each payroll period beginning on or after the effective date of the participant's enrollment, provided the participant remains an eligible employee. For participants described in 17:6-4.1(a)5, employer contributions shall be made only with respect to that portion of base salary, if any, which is in excess of the annual maximum wage contribution base for Social Security benefits, pursuant to the Federal Insurance Contributions Act, 26 U.S.C. §§ 3101 et seq.

1. Employer contributions with respect to catch-up employee mandatory contributions. The employer shall make an additional employer contribution with respect to each payroll period for which a catch-up employee mandatory contribution is made, in the percentage amount provided by 43:15C-3(b) multiplied by the participant's base salary for the period to which the catch-up employee mandatory contribution relates.