N.J. Admin. Code § 17:7-6.3

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

Section 17:7-6.3 - Forfeitures

(a) Forfeitures of non-vested and other amounts under the ABP Retirement Plan shall be used to reduce future employer contributions to the ABP Retirement Plan with respect to the participant's employer. Forfeitures shall not be reallocated among the accounts of participants.

(b) The delayed-vested portion of a terminated participant's account attributable to employer contributions shall be forfeited at the time of termination. Such forfeitures shall be applied to the current or next succeeding employer contribution to the pension provider underwriting the terminated participant's contract. Repurchase account forfeitures, plus or minus any gains or losses from investment by the pension provider, should be reported to the Division in the ABP Retirement Plan Employer Contribution Report. The reimbursement of a subsequent ABP Retirement Plan Employer Contribution Report shall be reduced by the reported forfeiture amount.