N.J. Admin. Code § 17:7-5.5

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:7-5.5 - Allocation of contributions to participant's account in Retirement Plan

(a) The DSP shall credit to each participant's account (and each applicable sub-account) 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 designated for the Plan year, 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 DSP:

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

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

N.J. Admin. Code § 17:7-5.5