N.J. Admin. Code § 5:30-14.17

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

Section 5:30-14.17 - Approving length of service award plan

(a) A sponsoring agency shall not implement a LOSAP plan until it is first approved by the Director pursuant to (b) below.

(b) The Director shall approve a LOSAP plan provided that the plan contains the following:

1. A statement of sponsoring agency and contractor duties and responsibilities;

2. A statement of the policies and procedures to be used in operating and maintaining a length of service award plan;

3. The identification of the types of investments options that will be offered pursuant to N.J.S.A. 43:15B-3c and 5:30-14.19;

4. Documentation of compliance as provided for in 5:30-14.55;

5. Evidence that the contractor has posted a bond to protect the plan and the employees from any loss resulting from fraud or dishonesty by the contractor pursuant to 5:30-14.46, and has provided evidence of appropriate liability insurance and errors and omissions insurance;

6. A copy of all promotional material that is provided to prospective sponsoring agencies and volunteers, and a statement of any applicable fees and charges;

7. A copy of the agreement to be executed by the employee in order to participate in the Length of Service Award Plan; and

8. Contractor's certification that the investment opportunities offered by the contractor comply with the investment requirements established pursuant to N.J.S.A. 43:15B-3c.

(c) The Director shall approve or reject a prototypical length of service award plan or any amendment thereto within 45 working days of receipt of a complete application package. The Director shall explain in writing, any reasons for rejection. Any modifications required by the Director shall be made within 60 days from the time of notification. Failure to submit the modifications within the time provided shall result in the plan being disapproved.

N.J. Admin. Code § 5:30-14.17