N.J. Admin. Code § 17:7-5.4

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

Section 17:7-5.4 - Contributions transmitted to designated service provider for ABP Retirement Plan

(a) Except as provided in N.J.A.C. 17:7-5.1, employer and employee contribution amounts for intervals shall be transmitted to the designated service provider by the respective employer for crediting to the participant's account not later than the fifth business day after the date on which the participant is paid for the period of the reduction, as determined by the respective employer.

(b) Limitations concerning 26 U.S.C. § 414(h) salary deductions are:

1. Salary deductions will be calculated on the full base salary if the participant earns 50 percent or more of base salary during a pay period; and

2. If a person earns less than 50 percent of full base salary during a pay period, no base salary deductions will be reported to the Division.

(c) The Plan Administrator may adopt rules and procedures to address delinquent contributions.

N.J. Admin. Code § 17:7-5.4