N.J. Admin. Code § 17:7-12.5

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

Section 17:7-12.5 - Plan administration

(a) The ACTS shall be administered, and the provisions of the various documents comprising the ACTS shall be coordinated, in accordance with the terms of applicable law and the requirements of IRC § 403(b). In addition to the provisions of N.J.A.C. 17:7-10.1, the provisions and requirements under this subchapter for the Plan Administrator include, but are not limited to:

1. Determining whether hardship withdrawals and loans comply with applicable requirements and limitations;

2. Determining that any transfers, rollovers, or purchases of service credit comply with applicable requirements and limitations;

3. Maintaining a list of all pension providers under the ACTS;

4. Determining that the requirements of the ACTS and IRC § 403(b) are properly applied, including whether the employer is a member of a controlled group; and

5. Determining the status of domestic relations orders or qualified domestic relations orders (QDROs).

(b) The ACTS, together with the investment options, is intended to satisfy the requirements of IRC § 403(b) and the Income Tax Regulations thereunder.

N.J. Admin. Code § 17:7-12.5

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