N.J. Admin. Code § 17:8-3.3
Current through Register Vol. 56, No. 23, December 2, 2024
Section 17:8-3.3 - Withdrawal or retirement; effective date and form(a) Withdrawal or retirement from the Supplemental Annuity Collective Trust is contingent upon the participant's completion of the appropriate forms required by the defined benefit retirement system in which the member participates. If a participant withdraws from the pension system, the participant must also withdraw his or her SACT account as a lump-sum settlement by completing a SACT Application for Withdrawal. In addition, if a retirement option is selected, the SACT Application for Settlement at Retirement Form shall be completed. If option two, lump sum settlement is selected, the SACT Distribution Form must also be filed prior to retirement.(b) The retirement value of the participant's account shall be determined as of the close of the month in which the retirement becomes effective.(c) The withdrawal value of the participant's account shall be determined as of the close of the month in which the participant ceases to be a member of a State-administered retirement system.(d) In the event that an eligible participant elects a lump sum payment of his or her account and the determination of the unit value is delayed past the normal valuation date, the participant may request, in writing, that an amount up to 90 percent of his or her computed equity may be paid initially and the balance paid, once the unit value has been established. Partial payment is contingent upon the receipt of the necessary Supplemental Annuity Collective Trust settlement forms and all information necessary for retirement from the State-administered retirement system.(e) In the event of deferred retirement in the basic retirement system, no distribution can be made until the retirement becomes effective or the member withdraws his or her account before such retirement date. If the member returns to covered service, his or her account in the Trust will be reestablished on an active basis. During deferred retirement, his or her account shall continue to participate in earnings or losses. N.J. Admin. Code § 17:8-3.3
Amended by 53 N.J.R. 1921(b), effective 11/15/2021