N.J. Admin. Code § 17:1-14.2

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

Section 17:1-14.2 - Enrollment in and deductions for the Commuter TaxSave Program

(a) Each employee may elect to reduce his or her salary, through monthly payroll deductions, by a specified dollar amount which shall not be less than $ 15.00 per month in one plan option, to create a Commuter TaxSave Program account in exchange for the payment by the State, or its plan administrator, of a qualified transportation fringe benefit, as defined in, and otherwise consistent with the provisions and limits of Section 132 of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 132.

(b) Monthly deductions shall be taken by Centralized Payroll in the first pay period of the month prior to the benefit month. State colleges and universities may establish a schedule of deductions to occur each month prior to the benefit month.

(c) The amount of any reduction in an employee's salary for the purpose of contributing to the payment of the qualified transportation fringe benefit shall continue to be treated as regular compensation for all other purposes, including the calculation of pension contributions and the amount of any retirement allowance, up to the limit permitted by the Federal Internal Revenue Code, but shall not be included in the computation of Federal, Social Security, or Medicare taxes withheld from the employee's salary.

N.J. Admin. Code § 17:1-14.2

Amended by 48 N.J.R. 1306(a), effective 6/20/2016