New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM
Subchapter 14 - ADMINISTRATION OF DISTRIBUTIONS
Section 17:6-14.7 - Distribution to minor beneficiary
Current through Register Vol. 56, No. 6, March 18, 2024
(a) If a distribution under the Retirement Plan is to be made to a minor beneficiary, any payment(s) may, except to the extent prohibited by applicable law, be paid to a responsible person according to the following order. If the amount is under $ 10,000 per year:
(b) If the amount is over $ 10,000 a year, a conservator must be appointed by the court to receive the payment. This payment shall be in full satisfaction of all claims. The Plan Administrator has no duty to supervise or inquire into the application of any amount so paid.
(c) If at the time a distribution begins, the beneficiary is a minor and the Plan Administrator begins payments to another person under (a) or (b) above, the Plan Administrator may continue all payments under the distribution to the other person notwithstanding that the beneficiary may have attained full age, unless the beneficiary files a written claim according to all of the requirements of the Retirement Plan, including furnishing satisfactory evidence that he or she is of full age.