N.J. Admin. Code § 17:7-12.18

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

Section 17:7-12.18 - Transfers to purchase service credit

(a) If a participant is also a participant in a tax-qualified defined benefit governmental plan (as defined in IRC § 414(d)) that provides for the acceptance of plan-to-plan transfers with respect to the participant, then the participant may elect to have any portion of the participant's accumulated benefit transferred to the defined benefit governmental plan. A transfer may be made before the participant has had a severance from employment.

(b) A transfer may be made only if the transfer is either for the purchase of permissive service credit (as defined in IRC § 415(n)(3)(A)) under the receiving defined benefit governmental plan or a repayment to which IRC § 415 does not apply by reason of IRC § 415(k)(3).

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