N.J. Admin. Code § 17:6-7.1

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

Section 17:6-7.1 - Vesting schedules

(a) A participant's interest in that portion of his or her account attributable to employee contributions shall immediately become and shall at all times remain fully vested and nonforfeitable.

(b) Under 43:15C-3(c), a participant's interest in that portion of his or her account attributable to employer contributions shall become and shall remain fully vested and nonforfeitable on the date the participant commences the second year of employment. However, if at the time of the participant's initial employment, the participant either participates in a program substantially similar to the Retirement Plan, or is a member of another State-administered pension fund or retirement system, the participant's interest in that portion of his or her account attributable to employer contributions shall be immediately and fully vested.

(c) Notwithstanding the vesting schedule described in (b) above, a participant's interest in that portion of his or her account attributable to employer contributions shall be vested and nonforfeitable upon his or her attainment, while employed by an employer, of age 65.

N.J. Admin. Code § 17:6-7.1