N.J. Admin. Code § 17:7-12.19

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

Section 17:7-12.19 - Investment

(a) All elective deferrals or other amounts contributed to the ACTS, all property and rights purchased with such amounts under the investment options, and all income attributable to such amounts, property, or rights shall be held and invested in one or more annuity contracts or custodial accounts.

(b) Each participant or beneficiary shall direct the investment of his or her account among the investment options available under the annuity contract or custodial account in accordance with the terms of the investment options.

(c) Each pension provider and the Plan Administrator shall exchange such information as may be necessary to satisfy IRC § 403(b) or other requirements of applicable law.

1. The Plan Administrator shall maintain a list of all pension providers under the ACTS, including a pension provider that has ceased to be a pension provider eligible to receive elective deferrals under the ACTS and a pension provider holding assets under the ACTS. Such list is hereby incorporated as part of the ACTS.

2. Each pension provider and the Plan Administrator shall exchange such information as may be necessary to satisfy IRC § 403(b) or other requirements of applicable law. In the case of a pension provider that is not eligible to receive elective deferrals under the ACTS (including a pension provider that has ceased to be a pension provider eligible to receive elective deferrals under the ACTS and a pension provider holding assets under the ACTS), the employer shall keep the pension provider informed of the name and contact information of the Plan Administrator in order to coordinate information necessary to satisfy IRC § 403(b) or other requirements of applicable law.

N.J. Admin. Code § 17:7-12.19

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