N.J. Admin. Code § 17:8-1.9

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

Section 17:8-1.9 - Payment of pension loan balance upon retirement

(a) At the retirement of a participant with a pension loan outstanding from the Teachers' Pension and Annuity Fund (TPAF) or the Public Employees' Retirement System (PERS), the participant may elect to use funds in his or her variable accumulation account to satisfy all or any portion of the pension loan.

(b) An election to use funds from a variable accumulation account to satisfy a pension loan balance must be filed with the Council within a 60-day period ending 30 days prior to the effective date of retirement by filing the SACT Loan Payoff form (Application to Transfer SACT Monies).

N.J. Admin. Code § 17:8-1.9

New Rule, R.1997 d.294, effective 7/21/1997.
See: 29 New Jersey Register 1685(a), 29 New Jersey Register 3269(a).

Amended by 53 N.J.R. 1921(b), effective 11/15/2021