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. 6, March 18, 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.

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.