N.J. Admin. Code § 17:1-2.9

Current through Register Vol. 56, No. 17, September 3, 2024

Section 17:1-2.9 - Adjustment statements

(a) Adjustment statements are mailed as audits are completed.

(b) When an overpayment notice is mailed, a check is issued unless the employing agency offers an explanation for the variance.

(c) Overpayments are returned to the employer from which they were received; in the case of overpayments covering local employees, State employees reported on a biweekly basis, multiple members, and on post audit overpayments, the member is made the payee.

(d) For clearing account overages that are the result of quarterly transmittal overpayments, these monies shall be refunded directly to the employer.

(e) One month after shortage statements are mailed, a second notice is sent if payment has not been received.

(f) One month after the second notice, a letter is sent advising the reporting agency that the shortage will be certified with interest as a back deduction or as an arrears obligation if payment is not received within 30 days.

(g) If the member is off the payroll so that such extra deduction cannot be certified, the shortage will be established in the member's account and will be subject to an interest charge at the current rate of interest earned by the annuity savings fund per annum calculated from the date of the first notice forwarded to the member.

N.J. Admin. Code § 17:1-2.9

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