N.J. Admin. Code § 17:7-5.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:7-5.1 - Enrollment in ABP Retirement Plan

(a) Employer and employee contributions with respect to the ABP Retirement Plan shall be made with respect to eligible employees who are enrolled as participants in the ABP Retirement Plan as follows:

1. An eligible employee shall be automatically enrolled as a participant in the ABP Retirement Plan, with respect to employee contributions, as a condition of his or her employment.

2. The compulsory enrollment date shall be fixed as the first of the month for an eligible employee whose regular appointment date falls between the first through 16th of the month. An eligible employee whose regular appointment falls between the 17th and the end of the month shall be fixed as of the first of the following month.

3. If there is a delay in enrolling the participant into the ABP Retirement Plan, the employer shall be responsible for collecting contributions from the participant's eligible enrollment date.

4. No employee or employer contribution shall be authorized by the Division for payment to any pension provider until the ABP enrollment application process has been completed.

5. If an employee fails to provide the member information required to complete the ABP enrollment application process, even though the eligible employee and the employer have been advised of the compulsory nature of enrollment, the certifying officer shall be obligated to provide the member information required for enrollment by no later than 30 days after the employee's eligibility determination date.

6. The employee's estate shall be the employee's beneficiary for the employee account until such time as a beneficiary designation on the applicable form is received by the Division.

7. If the employee fails to designate a pension provider on the applicable form, the certifying officer shall be obligated to complete the applicable form to elect the pension provider and investment option selected as the default for the current plan year. In these situations, the employer shall be required to submit both the employee's and employer's contributions to the default provider designated for that Plan year no later than 45 days after the commencement of payroll deductions.

N.J. Admin. Code § 17:7-5.1