N.J. Admin. Code § 17:8-2.8

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

Section 17:8-2.8 - Lump-sum contribution; limitation

(a) Participants who are contributing through payroll deductions to the regular supplemental annuity collective plan, not the tax-sheltered annuity plan, may make lump sum contributions in the third month of any calendar quarter in whole dollar amounts of $ 50.00 or more. No participant may contribute in excess of the maximum contribution amount permitted by 26 U.S.C. § 403(b) by lump sum and payroll deductions combined in any calendar year.

(b) Participants who are not contributing through payroll deductions may not make lump sum payments.

Amended by R.1997 d.294, effective 7/21/1997.
See: 29 N.J.R. 1685(a), 29 N.J.R. 3269(a).
In (a), inserted "whole" preceding "dollar amounts of $ 50.00 or more".
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 "the maximum contribution amount permitted by 26 U.S.C. § 403(b)" for "10 percent of base salary" and "calendar" for "fiscal" preceding "year".