N.J. Admin. Code § 11:2-6.11

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

Section 11:2-6.11 - Pension and retirement plan

(a) If action is to be taken with respect to any pension or retirement plan of the insurer, the proxy statement shall furnish the following information:

1. A brief description of the material features of the plan;

2. Each class of persons who will participate therein;

3. The approximate number of persons in each such class;

4. The basis of such participation;

5. The approximate total amount necessary to fund the plan with respect to:

i. Past services;

ii. The period over which such amount is to be paid; and

iii. The estimated annual payments necessary to pay the total amount over such period; the estimated annual payment to be made with respect to current services.

6. The amount of such annual payments to be made for the benefit of:

i. Each person named in 11:2-6.9;

ii. Directors and officers as a group; and

iii. Employees as a group.

(b) If the plan to be acted upon may be amended (other than by a vote of stockholders) in a manner which would materially increase the cost thereof to the insurer, or to materially alter the allocation of the benefits as between the groups specified in (a)6 above, the nature of such amendments should be specified.

N.J. Admin. Code § 11:2-6.11

Amended by R.1996 d.3, effective 1/2/1996.
See: 27 New Jersey Register 3278(b), 28 New Jersey Register 152(b)