N.J. Admin. Code § 17:7-20.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:7-20.2 - Construction of ABP Retirement Plan as a qualified plan-ABP Retirement Plan only

(a) The Plan Sponsor intends that the ABP Retirement Plan conform to the Internal Revenue Code's requirements for Federal tax treatment under IRC §§ 401(a) and 414(d), with employee contributions picked-up under an arrangement consistent with IRC § 414(h)(2). Therefore, the Plan Administrator will construe and interpret the ABP Retirement Plan to conform to the requirements of IRC § 401, as applicable to a governmental plan under IRC § 414(d). When the Internal Revenue Code is amended through subsequent legislation, the Plan Administrator will construe and interpret the ABP Retirement Plan consistent with such amendment.

(b) To the extent required for the ABP Retirement Plan to qualify under IRC § 401(a), the provisions of this chapter shall be construed, consistent with Treasury Reg. § 1.401-1(b)(1)(ii), to provide:

1. A definite pre-determined formula for allocating contributions;

2. Crediting of actual investment earnings (and losses) to accounts, based upon investment options chosen;

3. Periodic valuation of Plan assets (including investment options) and trust assets at least once each year;

4. Periodic valuation of accounts at least once each year; and

5. Distribution of accounts after the occurrence of defined events.

N.J. Admin. Code § 17:7-20.2