N.J. Admin. Code § 5:37-10.3

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:37-10.3 - Compliance requirement-prototypical plan

(a) The contractor shall transmit to the employer a summary of financial data in statement form providing a full accounting of all plan transactions occurring during the employer's fiscal year, including beginning transactions and ending fund balance. The accounting for these transactions must reflect the amount and date of each contribution received, the beginning fund balance by investment option, earnings or losses incurred, administrative charges and fees assessed, any transfers made among funds, all deposits and withdrawals, and the ending fund balance, including any and all adjustments made to such plan.

(b) At the request of the employer, the contractor shall make available details of all transactions for each employee. The employer in receipt of this information shall retain it in accordance with the State of New Jersey record retention requirements as found in N.J.A.C. 15:3.

(c) The contractor shall retain the transaction information in accordance with the State of New Jersey record retention requirements found in N.J.A.C. 15:3.

(d) The contractor shall furnish annually to the Director and to the local plan administrator of each local governmental unit for which it serves as contractor, a copy of the contractor's Statement on Standards for Attestation Engagements (SSAE) No. 18 SOC 1 Report, as defined by the American Institute of Certified Public Accountants (AICPA).

(e) The contractor shall certify to the Director that the annual accounting data supplied to the employer is accurate and complete.

(f) The independent auditor of the employer shall then evaluate the employer payroll records and joinder agreements against the information transmitted by the contractor.

(g) The Director may establish disclosure requirements to be included in the annual audit of the local government in accordance with 40A:5-4 or 40A:5A-15.

N.J. Admin. Code § 5:37-10.3

Amended by R.1999 d.58, effective 3/1/1999.
See: 30 New Jersey Register 3989(a), 31 New Jersey Register 673(b).
Rewrote the section.

Amended by 53 N.J.R. 159(b), effective 2/1/2021