N.J. Admin. Code § 17:6-14.3

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

Section 17:6-14.3 - Payor may rely on apparent entitlement

(a) The Plan Administrator and the DSP are not liable for having made a payment under an unclear beneficiary designation or participation agreement to a person not entitled to the payment, or for having taken or omitted any other action in good faith reliance on a person's apparent entitlement under the Retirement Plan, before the payor actually received written notice of a claimed lack of entitlement under the Retirement Plan.

(b) Any payor of any distribution is not liable for having made a payment or having transferred an item of property to a beneficiary designated in a beneficiary designation (or in a similar writing reasonably believed to constitute a beneficiary designation) who is not entitled to the distribution, or for having taken any other action in good faith reliance on the beneficiary's apparent entitlement under the terms of the beneficiary designation before the payor received written actual notice alleging that the beneficiary was not entitled to the distribution.