N.J. Admin. Code § 17:1-13.5

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

Section 17:1-13.5 - Salary reduction elections

(a) The plan shall operate on a calendar-year basis, with each employee permitted to make a one-time salary-reduction election for the calendar year. The initial plan year shall commence on June 28, 1996, and shall conclude on December 31, 1996.

(b) Salary-reduction elections shall be made during enrollment periods announced by the Division and shall be submitted to the plan administrator. An employee shall not be permitted to make salary-reduction elections once the enrollment period for the plan year has ended unless the employee experiences a qualifying change in family circumstances as recognized under §125 of the Internal Revenue Code, 26 U.S.C. § 125. A new employee shall be permitted to make a salary-reduction election for a period of 30 days following the employee's hire date. An employee who becomes eligible to participate in the plan following the end of the enrollment period shall also have 30 days from the employee's eligibility date to make a salary-reduction election. Information about the plan administrator and election forms shall at all times be available from the Division.

(c) In each calendar year, an employee establishing an unreimbursed medical spending account must elect a salary reduction amount of at least $ 100.00 but not more than $ 2,500 for this account.

(d) In each calendar year, an employee establishing a dependent care spending account must elect a salary reduction amount of at least $ 250 but not more than $ 5,000 ($ 2,500 if married, filing separately) for this account.

(e) Once made, a salary-reduction election for a given calendar year is irrevocable; provided, however, that modification or revocation of an election will be permitted if allowable under § 125 of the Internal Revenue Code, 26 U.S.C. § 125, as in certain circumstances involving a change in family status.

N.J. Admin. Code § 17:1-13.5

Amended by R.2009 d.25, effective 1/5/2009.
See: 40 N.J.R. 4928(a), 41 N.J.R. 277(a).
In (b), deleted "of Pensions and Benefits" following "Division" twice and inserted the second, third, and fourth sentences; and in (c), substituted "$ 100.00" for "$ 100" and "$ 2,500" for "$ 2,000".