New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS
Subchapter 7 - THE CONTRACTOR
Section 5:37-7.11 - Responsibilities of the contractor

Universal Citation: NJ Admin Code 5:37-7.11
Current through Register Vol. 56, No. 6, March 18, 2024

The contractor shall be responsible for the proper performance of the duties it has agreed to assume under the terms of its service agreement. Every service agreement made subject to this chapter shall be construed to require, to the extent that a participant's or beneficiary's plan account is comprised of an investment issued or placed by the contractor, the applicable contractor to perform each service necessary to the proper administration of the plan except as expressly provided otherwise by a prototypical plan approved by the Director pursuant to 5:37-3.1. Every service agreement made subject to this chapter shall be deemed to incorporate by such reference a provision that the contractor is bound to perform its services required under the service agreement to the same standard of care that would be required of a fiduciary governed by New Jersey law.

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