N.J. Admin. Code § 17:6-1.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:6-1.2 - Program consists of three plans

(a) The Defined Contribution Retirement Program (DCRP) consists of three benefit plans: the DCRP Retirement Plan (the "Retirement Plan"), which is a defined contribution retirement plan intended to qualify for favorable Federal income tax treatment under Internal Revenue Code (IRC) § 401(a); the DCRP Group Life Insurance Plan (the "Group Life Insurance Plan"); and the DCRP Group Disability Benefit Plan (the "Group Disability Plan"). Assets held in the Trust under the Program for the Retirement Plan shall not be available for the payment of premiums, benefits or administrative expenses with respect to the Group Life Insurance Plan and/or the Group Disability Plan.

1. DCRP Retirement Plan. The DCRP Retirement Plan is a plan of retirement benefits for the benefit of eligible employees and their beneficiaries. The Retirement Plan is intended to be a tax-qualified defined contribution money purchase pension plan under IRC §§ 401(a) et seq., and is further intended to be a "governmental plan" within the meaning of 29 U.S.C. § 1002(32) and IRC § 414(d). The Plan Administrator intends to maintain the Retirement Plan as a plan that qualifies for favorable income tax treatment under IRC § 401(a). The Retirement Plan is an individual account plan which provides for an individual account for each participant and for benefits based solely upon the amount of contributions, investment gains and losses, fees, and expenses allocated to the participant's account. Assets of the Trust with respect to the Retirement Plan shall be used solely for the purpose of providing benefits under the Retirement Plan, and for paying the administrative expenses of the Retirement Plan.

2. DCRP Group Life Insurance Plan. The DCRP Group Life Insurance Plan is a plan for the provision of group life insurance benefits for eligible employees.

3. DCRP Group Disability Benefit Plan. The DCRP Group Disability Benefit Plan is a plan for the provision of group disability insurance benefits for eligible employees.

N.J. Admin. Code § 17:6-1.2