New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM
Subchapter 20 - CONSTRUCTION
Section 17:6-20.2 - Construction of Retirement Plan as a qualified plan
Universal Citation: NJ Admin Code 17:6-20.2
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The Plan Sponsor intends that the Retirement Plan conform to the Internal Revenue Code's requirements for Federal tax treatment under IRC §§ 401(a) and 414(d), with employee contributions picked up under an arrangement consistent with IRC § 414(h)(2). Therefore, the Plan Administrator will construe and interpret the Retirement Plan to state provisions that conform to the requirements of IRC § 401, as applicable to a governmental plan under IRC § 414(d). When the Internal Revenue Code is amended through subsequent legislation, the Plan Administrator will construe and interpret the Retirement Plan as stating provisions consistent with such amendment.
1. To the extent required for the Retirement Plan to qualify under IRC § 401(a), the provisions of this Plan shall be construed, consistent with Treasury Reg. § 1.401-1(b)(1)(ii), to provide:
i. A definite pre-determined formula for allocating contributions;
ii. A definite pre-determined formula for allocating investment earnings (and losses) among accounts;
iii. Periodic valuation of Plan assets (including investment options) and Trust assets at least once each year; and
iv. Periodic valuation of accounts at least once each year; and distribution of accounts after attainment of a specified age or the occurrence of some event.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
