New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS
Subchapter 5 - THE EMPLOYER
Section 5:37-5.2 - Plan and service agreement adoption
Universal Citation: NJ Admin Code 5:37-5.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The employer shall adopt a self-administered plan by resolution. A certified copy of the resolution shall be forwarded to the Director. The resolution shall include, but shall not be limited to:
1.
Formal adoption of the plan; and
2.
Identification of a plan manager pursuant to
5:37-5.4.
(b) The employer shall adopt a prototypical plan by resolution of the governing body. The resolution shall include, but not be limited to:
1. A formal adoption of the
plan;
2. A description of the
method used to solicit proposals pursuant to
5:37-7.1;
3. An identification of a local plan
administrator pursuant to
5:37-5.4;
4. An authorization to execute a service
agreement with the contractor;
5. A
statement of non-collusion pursuant to
5:37-5.7;
6. Certification of plan compliance with the
rules of the Internal Revenue Service pursuant to
5:37-3.4 or 3.5 for a prototypical
plan adoption only; and
7. The
identification of the contractor, the plan identifier and the service agreement
identifier.
(c) The Director shall make available a sample resolution for use by employers.
(d) A certified copy of the resolution shall be forwarded to the Director.
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