N.J. Admin. Code § 17:6-6.7

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

Section 17:6-6.7 - Failure to give investment direction

If at any time a participant, beneficiary, or alternate payee fails to exercise his or her duty of investment direction, or an investment direction is refused, the Plan Administrator shall, to the extent of the failure of proper investment direction, cause the account to be invested according to the default investment option or options designated from time to time by the Plan Administrator, with the approval of the Division of Investment. The Plan Administrator shall direct the Trustee or other DSP with respect to the investment of accounts in a default investment option or options.