N.J. Admin. Code § 17:6-5.6

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

Section 17:6-5.6 - Allocation of contributions to participant's account

(a) The DSP shall credit to each participant's account (and each applicable sub-account; see 17:6-2.1 ) the contributions actually received with respect to the participant. Such contributions shall be invested in the investment option or options as elected by the participant, or in the default investment option or options designated by the Plan Administrator, with the approval of the Division of Investment, if the participant has made an invalid or incomplete investment election, in accordance with rules and procedures promulgated by the Plan Administrator.

(b) The following sub-accounts shall be maintained by the DSPs:

1. An employer account to which employer contributions (and associated investment earnings and administrative expenses, if any) shall be credited or debited, as applicable;

2. An employee mandatory account to which employee mandatory contributions (and associated investment earnings and administrative expenses, if any) shall be credited or debited, as applicable;

3. An employee voluntary account to which employee voluntary contributions (and associated investment earnings and administrative expenses, if any) shall be credited or debited, as applicable; and

4. A rollover account to which rollovers (and associated investment earnings and administrative expenses, if any) shall be credited or debited, as applicable.

(c) If the participant designates more than one beneficiary, after the death of the participant and upon the written request of any beneficiary or upon an approved claim payable to any beneficiary and not all beneficiaries, the DSP shall, to the extent permitted by the investment option, maintain a separate account with respect to the interest of each beneficiary, beginning as of the next valuation date that occurs after the beneficiary's request or claim is received by the DSP.

N.J. Admin. Code § 17:6-5.6