N.J. Admin. Code § 9A:10-7.12

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

Section 9A:10-7.12 - Fees and charges

(a) The Authority may impose and collect reasonable fees and charges in connection with any agreement, contract or transaction relating to NJBEST. Charges on assets may include administrative and program management fees of 40 basis points (0.40 percent) for accounts managed by the Investment Manager without the services of a subcontractor investment manager and 80 basis points (0.80 percent) for accounts involving the services of a subcontractor investment manager, investment management fees and other Trust expenses not in excess of 150 basis points (1.50 percent), and, in addition, sales loads and other ongoing distribution fees as may be set by the Investment Manager and which are fully disclosed to the contributor prior to any investment in NJBEST. Fees and charges may be imposed directly on contributors (such as sales loads) or may be taken as a percentage of the assets in the Trust or each contributor's account, as applicable.

(b) The Authority may charge a service fee up to the amount of $ 75.00 for all outgoing account rollovers to a qualified tuition program other than NJBEST as defined in section 529 of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 529.

Amended by R.1998 d.385, effective 8/3/1998.
See: 30 New Jersey Register 1707(a), 30 New Jersey Register 2908(a).
Added (b) and (c).
Petition for Rulemaking.
See: 30 New Jersey Register 3863(b), 30 New Jersey Register 4079(b).
Amended by R.2000 d.324, effective 8/7/2000.
See: 32 New Jersey Register 1279(a), 32 New Jersey Register 2898(a).
In (b), decreased the fee from $ 15.00 to $ 5.00; and in (c), substituted references to one-half percent for references to one percent throughout.
Recodified from N.J.A.C. 9A:10-7.8 and amended by R.2002 d.289, effective 9/3/2002.
See: 33 New Jersey Register 4053(a), 34 New Jersey Register 3086(a).
Deleted former (a); recodified former (b) and (c) as new (a) and (b); in new (a), substituted "maintenance fee on each account" for "account maintenance fee"; added (d). Former N.J.A.C. 9A:10-7.12, Eligibility for NJBEST scholarship, recodified to N.J.A.C. 9A:10-7.15.
Administrative correction.
See: 34 New Jersey Register 3778(a).
Amended by R.2003 d.141, effective 4/7/2003.
See: 34 New Jersey Register 4340(a), 35 New Jersey Register 1545(a).
Deleted former (a) and (b); inserted a new (a); recodified former (c) as (b) and substituted "The Authority may charge a service fee up to the amount of $ 75.00" for "The Authority shall charge a service fee in the amount of $ 75.00".
Amended by R.2004 d.138, effective 4/5/2004.
See: 35 New Jersey Register 5532(a), 36 New Jersey Register 1777(a).
In (a), rewrote the second sentence.