N.J. Admin. Code § 17:4-4.9
Current through Register Vol. 56, No. 21, November 4, 2024
(a) Only active contributing members of the system may exercise the privilege of obtaining a loan. The member's total outstanding loan balance shall not exceed the lesser of 50 percent of the accumulated deductions posted to the member's account or $ 50,000. The loan is subject to I.R.C. § 72(p) of the Internal Revenue Code.(b) The rate of interest per annum for loans from the State-administered retirement systems shall be a commercially reasonable rate as required by the Internal Revenue Code to be determined by the State Treasurer on January 1 of each calendar year. An administrative fee in an amount set by the State Treasurer for each calendar year may be charged for any loan requested pursuant to 43:16A-16.1.N.J. Admin. Code § 17:4-4.9
Amended by R.2001 d.66, effective 2/20/2001.
See: 32 N.J.R. 4060(a), 33 N.J.R. 684(a).
Rewrote the section.
Amended by R.2006 d.130, effective 4/3/2006.
See: 37 N.J.R. 4521(a), 38 N.J.R. 1578(a).
Added "Retirement", "the lesser of either" and "or $ 50,000. The loan is subject to 26 U.S.C. § 72(p)".
Repeal and New Rule, R.2011 d.235, effective 9/6/2011.
See: 43 N.J.R. 1177(a), 43 N.J.R. 2364(b).
Section was "Eligibility for loan".