N.J. Admin. Code § 17:8-2.5

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

Section 17:8-2.5 - Salary reductions; limitations

(a) The rate of salary reduction shall be stated as a percentage of base salary; no fractional percentages are permitted. 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).

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), deleted "from one percent to 10 percent" following "base salary", and added the final sentence.