New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 3 - TEACHERS' PENSION AND ANNUITY FUND
Subchapter 5 - PURCHASES AND ELIGIBLE SERVICE
Section 17:3-5.6 - Methods of payment
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Methods of payment for purchases include the following:
(b) Additional payroll deductions under (a)2 or 3 above will include regular interest for the term of the installment.
(c) Lump sum payments and partial lump sum payments can include the direct rollover of transfer of tax-deferred contributions from financial plans that qualify under terms specified under § 401(a)(31) (2007) of the Internal Revenue Code. All payments remitted to the Division must be accompanied by a properly completed Direct Rollover/Trustee-to-Trustee Transfer of Funds for the Purchase of Additional Service Credit form. Checks remitted to the Division without the required forms shall be returned to the member. A lump sum rollover payment for a purchase cannot exceed the lump sum cost of that purchase. Checks in an amount greater than the lump sum cost of the purchase shall be returned to the member.