N.J. Admin. Code § 17:1-2.10

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:1-2.10 - Minimum adjustments; repayment schedules

(a) In order to facilitate the reconciliation of members' accounts upon death, no refunds or additional contributions shall be made to a member's loan and arrearages balances if such adjustments involve amounts of $ 50.00 or less. Unresolved differences of $ 50.00 or less will be written off.

(b) Unresolved differences of $ 50.00 or less in accounts that have been withdrawn will be written off. However, if a withdrawn member provides sufficient documentation that monies are due from the withdrawn account, such refunds shall be made, notwithstanding the fact that the unresolved difference had been previously written off.

(c) Unresolved differences of $ 50.01 to $ 100.00 which are owed to a withdrawn member shall be paid without any further analysis of the member's account. Payment will be made to the employee and forwarded to the last employer of record.

(d) Rules concerning the unresolved differences in retirement accounts are as follows:

1. No refunds or additional contributions shall be required for retired members if the adjustments involve amounts that range from a positive to a negative $ 50.00 for pensions and $ 100.00 for contributory life insurance premiums. All balances within these ranges will be written off.

2. All money found to be due and payable subsequent to a member's retirement shall be repaid in one sum. In the event the retiree is unable to make payment in one lump sum, repayment may be scheduled over a period not to exceed five years. Regular interest, as defined by N.J.S.A. 43:15A-6n, 18A:66-2m, 43:16A-1(9), 53:5A-3p and 43:6A-3n, shall apply to all such repayment schedules. Any other schedule of repayment shall be referred to the Board of Trustees for consideration. As a condition of establishing a repayment schedule, the Division will automatically put a hold on the distribution of the member's group life insurance until such time that the obligation is satisfied. Any remaining funds from the group life insurance will be distributed in accordance with the member's last Designation of Beneficiary on file.

(e) Audit differences of $ 5.00 or less in the reporting of members' pension contributions or contributory life insurance premiums during a quarter will not require a cash adjustment.

(f) Audit differences of $ 20.00 or less in the reporting of members' pension contributions or contributory life insurance premiums covering an annual period are not subject to cash adjustments.

N.J. Admin. Code § 17:1-2.10

Amended by R.2009 d.25, effective 1/5/2009.
See: 40 N.J.R. 4928(a), 41 N.J.R. 277(a).
Section was "Minimum adjustments". In (a), substituted "$ 50.00" for "$ 10.00" twice; in (d)2, deleted "or scheduled for repayment over a period not to exceed 10 years" following "sum" and inserted the last five sentences; in (e), substituted "$ 5.00" for "$ 2.00"; and in (f), substituted "$ 20.00" for "$ 8.00".