N.J. Admin. Code § 17:7-11.4

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

Section 17:7-11.4 - Expenses-ABP Retirement Plan only

(a) The expenses incurred by the Plan Administrator in connection with the operation of the ABP Retirement Plan, including, but not limited to, the expenses incurred by reason of the engagement of professional assistants and consultants, shall, unless payable by the employer, be expenses of the ABP Retirement Plan and shall be payable from the ABP Retirement Plan at the direction of the Plan Administrator.

(b) Upon the Plan Administrator's written instruction, the Plan Administrator, the DSP or other person providing administrative services to the ABP Retirement Plan may be reimbursed for any reasonable expenses approved by the Plan Administrator that are incurred in performing administrative services regarding the ABP Retirement Plan. Except as otherwise provided or permitted, the reimbursement shall, with respect to the ABP Retirement Plan, be effected by deducting a charge against all accounts according to an equitable method determined by the Plan Administrator.

(c) If the Internal Revenue Service determines, and the determination is not contested, or if contested, is finally upheld (or otherwise finally determined), or if a final court order (that is not appealed) decides that any payment of expenses with respect to the ABP Retirement Plan is a violation of IRC § 401(a)(2), the Plan Administrator may assess the employers on a reasonable basis and/or may maintain an expense account that may be funded by rebates/payments from a DSP.

N.J. Admin. Code § 17:7-11.4