Statutes, codes, and regulations
New Jersey Administrative Code
Title 17 - TREASURY - GENERALChapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM
Subchapter 18 - DEFINED CONTRIBUTION RETIREMENT PROGRAM GROUP DISABILITY BENEFIT PLAN
Section 17:6-18.2 - Amount of benefit

N.J. Admin. Code § 17:6-18.2

Download
PDF
Current through Register Vol. 57, No. 1, January 6, 2025
Section 17:6-18.2 - Amount of benefit
(a) The disability benefit provided under a group policy or policies shall be in an amount equal to 60 percent of the participant's base monthly salary, reduced by periodic benefits to which the participant may be entitled during the period of total disability. For an eligible employee who is a participant pursuant to N.J.A.C. 17:6-4.1(a)5, base monthly salary for this disability benefit shall mean the base or contractual salary upon which contributions were made to the Teachers' Pension and Annuity Fund, Police and Firemen's Retirement System, State Police Retirement System, or the Public Employees' Retirement System and to this Program.
(b) The periodic benefit by which the monthly disability benefit may be reduced shall include salary or wages, retirement benefits or benefits from any source for which the State or other public employer has paid any part of the cost or made payroll deductions, Social Security disability or other benefits, including dependents' benefits, and benefits paid by Social Security at the option of the participant before the age of 65, but not including any increase in Social Security benefits enacted after the disability benefit under such group policy or policies have commenced, and any other periodic benefits provided by law except on account of military service.
(c) When a participant begins to receive a disability benefit under such group policy or policies, the insurance company shall pay an amount equal to the employee contribution which would have been required of the participant and deducted from the participant's base salary in order to meet the participant's obligation for the Retirement Plan. Such amount shall be paid by the insurance company without reduction by any other periodic benefit which the participant is eligible to receive. Such amount shall be paid by the insurance company to the participant's account under the Retirement Plan.

N.J. Admin. Code § 17:6-18.2