N.J. Admin. Code § 17:7-7.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:7-7.1 - QDRO procedures

(a) Upon receipt of a certified copy of a domestic relations order as defined in 26 U.S.C. § 414(p), directed to the ABP Retirement Plan or ACTS, the Plan Administrator, or (to the extent authority is so delegated to it) the DSP, will take the following steps:

1. The Plan Administrator will promptly notify the participant or retiree and each alternate payee of receipt of an order and the ABP Retirement Plan's or ACTS' procedures for deciding whether an order is a QDRO.

2. On receipt by the Plan Administrator of an order and during the period in which the Plan Administrator has not yet determined whether an order is a QDRO, the Plan Administrator will not instruct any payment that would be inconsistent with the order to the extent that the order might be a QDRO.

3. The Plan Administrator will continue the participant's investment direction until the Plan Administrator makes its determination.

4. The Plan Administrator will determine, with the advice of legal counsel to the extent necessary, whether the order is a QDRO, considering the factors set forth in N.J.A.C. 17:7-9.3.

5. If the Plan Administrator determines an order is a QDRO, it will:

i. Send notice to the participant and each alternate payee;

ii. Keep ABP Retirement Plan or ACTS accounts consistent with the QDRO; and

iii. Instruct the pension provider to pay the distribution provided by the QDRO.

6. If the Plan Administrator determines an order is not a QDRO, it will not instruct any distribution from the participant's account for a period of 18 months, unless the alternate payee either releases a claim to the benefits or such an escrow is resolved by the Plan Administrator in a manner consistent with the QDRO.

7. The Plan Administrator may delay the commencement of its consideration of any order until the later of the date that is 30 days after receipt of the signed, certified order, or 30 days after the date of the order or the date that the Plan Administrator is satisfied that all rehearing and appeal rights on the order have expired.

8. Any fee(s) for a QDRO charged by a DSP will be deducted and paid from the participant's account.

N.J. Admin. Code § 17:7-7.1