New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS
Subchapter 6 - THE LOCAL PLAN ADMINISTRATOR AND PLAN MANAGER
Section 5:37-6.3 - Bonding and evidence of insurance-self-administered plan
Universal Citation: NJ Admin Code 5:37-6.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The plan manager of a self-administered plan shall post a bond obtained from an organization duly authorized and licensed to provide such bond in the State of New Jersey, to protect the plan and the employer from any loss resulting from fraud or dishonesty. Evidence of such bond or ability to obtain such bond shall be provided to the employer and to the Director.
(b) The amount of the bond shall not be less than 100 percent of the amount of funds managed by the plan manager.
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