New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 2 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Subchapter 8 - PROSECUTORS PART
Section 17:2-8.7 - Eligibility for a loan

Universal Citation: NJ Admin Code 17:2-8.7
Current through Register Vol. 55, No. 48, December 18, 2023

Active, contributing members of the Prosecutors Part with at least three years of service credit may exercise the privilege of obtaining a loan pursuant to the provisions of 43:15A-34 and IRS regulations. The monthly or biweekly payment amount shall be at least equal to the member's rate of contribution to the Prosecutors Part and cannot exceed 25 percent of the member's compensation. Not more than two loans may be granted to any member in any calendar year. The member's total outstanding loan balance shall not exceed the lesser of 50 percent of the accumulated deductions posted to the member's account or $ 50,000. Should a prosecutor retire or die with an outstanding loan balance, repayment shall be made according to the provisions of 43:15A-34.1 and 17:2-6.4.

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