New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 7 - ALTERNATE BENEFIT PROGRAM
Subchapter 12 - NEW JERSEY ADDITIONAL CONTRIBUTIONS TAX-SHELTERED PROGRAM (ACTS)
Section 17:7-12.15 - Rollover contributions

Universal Citation: NJ Admin Code 17:7-12.15

Current through Register Vol. 55, No. 48, December 18, 2023

(a) The ACTS will accept rollover contributions as provided in N.J.A.C. 17:7-9.3.

(b) The ACTS will accept a rollover contribution to a Roth elective deferral account only if it is a direct rollover from another Roth elective deferral account under an applicable retirement plan described in IRC § 402A(e)(1) and only to the extent the rollover is permitted under the rules of IRC § 402(c). A rollover of Roth elective deferrals will only be accepted if the Plan Administrator obtains information regarding the participant's tax basis under IRC § 72 in the amount rolled over.

(c) The pension provider shall establish and maintain for the participant a separate account for any eligible rollover distribution paid to the ACTS. Separate subaccounts must be kept for rollovers from an IRC § 457(b) eligible governmental plan and rollovers from a Roth elective deferral account or a Roth IRA.

Adopted by 50 N.J.R. 1616(a), effective 7/16/2018

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