N.J. Admin. Code § 12:16-7.4

Current through Register Vol. 56, No. 11, June 3, 2024

Section 12:16-7.4 - Finance

(a) On or before September 1 of each year, the Controller or his or her designee shall review the composite benefit cost experience of all governmental entities and instrumentalities electing to pay contributions and shall recommend a contribution rate for the following calendar year to the Commissioner.

(b) The Commissioner of Labor and Workforce Development shall establish the contribution rate for the following calendar year after considering the recommendation.

(c) Any governmental entity or instrumentality electing to pay contributions shall appropriate each year, out of its general funds, monies to pay the projected costs of contributions at the rate determined under (b) above. These funds are to be held in a trust fund by the governmental entity or instrumentality strictly for this purpose. Any surplus in the fund may be retained in reserve for payment of benefits costs for subsequent years either by contributions or payments in lieu of contributions.

N.J. Admin. Code § 12:16-7.4

Amended by R.1988 d.437, effective 9/6/1988.
See: 20 New Jersey Register 1521(a), 20 New Jersey Register 2300(a).
Substituted "contributions" for "benefits" and deleted "covered"; recodified from 4.2.
Amended by R.1995 d.138, effective 3/6/1995.
See: 27 New Jersey Register 61(a), 27 New Jersey Register 919(a).
Amended by R.2005 d.108, effective 4/4/2005.
See: 36 New Jersey Register 5651(a), 37 New Jersey Register 1030(a).
In (b), inserted "and Workforce Development" following "Labor".