N.J. Admin. Code § 17:8-2.6

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

Section 17:8-2.6 - Contribution change; regular SACT and the tax-sheltered annuity plan

(a) A participant may change or discontinue his or her percentage rate of contribution by filing a SACT Change Request Form with the Division of Pensions and Benefits at least 30 days prior to the calendar quarter.

(b) The change shall be effective only at the beginning of a calendar quarter and upon certification from the Division of Pensions and Benefits.

(c) If payroll deductions to the SACT program have been suspended by the participant, such payroll deductions may be resumed by filing a SACT Change Request Form giving at least 30 days' notice to the Division of Pensions and Benefits. The resumption of such payroll deductions shall not occur within three months of the date on which the payroll deductions were suspended.

(d) A participant changing his or her contribution to the tax-sheltered annuity plan shall file a SACT Change Request Form and a new Salary Reduction Agreement.

N.J. Admin. Code § 17:8-2.6

Amended by R.1997 d.294, effective 7/21/1997.
See: 29 N.J.R. 1685(a), 29 N.J.R. 3269(a).
Section name changed; amended Department references throughout; in (a), substituted "calendar quarter" for "effective date of the change"; and added (d).

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