N.J. Admin. Code § 17:7-20.5

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

Section 17:7-20.5 - Reference to statutes and regulations

(a) Any reference to a section of the Internal Revenue Code shall be construed to also refer to any successor provision. Any reference to a section of Treasury regulations shall be construed to also refer to any successor provision of such Treasury regulations. Any reference to a Revenue Ruling or Revenue Procedure or IRS Notice or IRS Announcement shall be construed to also refer to any guidance of general applicability that extends, amplifies, or modifies the Revenue Ruling or Revenue Procedure or IRS Notice or IRS Announcement.

(b) The Program refers to relevant regulations, including, but not limited to, Treasury regulations under the Internal Revenue Code, without regard to whether the regulations are substantive or interpretive and without regard to whether the regulations are proposed, temporary, or final; but it is intended that any provision that refers to a regulation shall be construed to refer to the regulation in the sense of the appropriate legal effect (under administrative procedure law and otherwise) that the regulation currently has at the time the construction is made.

(c) To the extent that a provision states a duty owed to any government (rather than a duty to a participant or beneficiary or other person or entity having an interest under the Program), the provision shall be construed as directory and shall be enforced only by such government. However, a provision that is necessary for the ABP Retirement Plan to meet the requirements of a qualified plan within the meaning of IRC § 401(a) includes a duty owed to participants and beneficiaries and is not directory.

N.J. Admin. Code § 17:7-20.5