N.J. Admin. Code § 17:8-2.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:8-2.4 - Contributions; limitations

(a) Participants may contribute a percentage of base salary through payroll deductions on certification from the Division of Pensions and Benefits; no fractional percentages are permitted and contributions plus required deductions may not exceed base salary. No participant may contribute an amount in excess of the maximum contribution amount permitted by 26 U.S.C. § 403(b) in any calendar year.

(b) Contributions shall be in even dollar amounts rounded to the nearest dollar ($ 0.50 and over rounded to the next higher dollar).

(c) In the event a participant is eligible to participate in both the regular supplemental annuity plan and the tax-sheltered annuity plan, the combined contributions plus required deductions may not exceed the participant's base salary. No participant may contribute an amount in excess of the maximum contribution amount permitted by 26 U.S.C. § 403(b) in any calendar year.

N.J. Admin. Code § 17:8-2.4

Amended by R.2006 d.394, effective 11/20/2006.
See: 38 N.J.R. 2037(a), 38 N.J.R. 4881(a).
In (a), substituted "a percentage" for "from one percent to 10 percent", inserted "and Benefits", inserted "and contributions plus required deductions may not exceed base salary" at the end of the first sentence, and added the final sentence; and in (c), substituted "a participant" for "an employee", inserted "plus required deductions", substituted "the participant's" for "10 percent of", and added the final sentence.