N.J. Admin. Code § 17:7-12.15

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

Section 17:7-12.15 - Rollover contributions

(a) The ACTS will accept rollover contributions as provided in N.J.A.C. 17:7-9.3.

(b) The ACTS will accept a rollover contribution to a Roth elective deferral account only if it is a direct rollover from another Roth elective deferral account under an applicable retirement plan described in IRC § 402A(e)(1) and only to the extent the rollover is permitted under the rules of IRC § 402(c). A rollover of Roth elective deferrals will only be accepted if the Plan Administrator obtains information regarding the participant's tax basis under IRC § 72 in the amount rolled over.

(c) The pension provider shall establish and maintain for the participant a separate account for any eligible rollover distribution paid to the ACTS. Separate subaccounts must be kept for rollovers from an IRC § 457(b) eligible governmental plan and rollovers from a Roth elective deferral account or a Roth IRA.

N.J. Admin. Code § 17:7-12.15

Adopted by 50 N.J.R. 1616(a), effective 7/16/2018