New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 37 - MUNICIPAL, COUNTY AND AUTHORITY EMPLOYEES DEFERRED COMPENSATION PLANS
Subchapter 8 - ENROLLMENT
Section 5:37-8.1 - Joinder agreement
Current through Register Vol. 56, No. 6, March 18, 2024
(a) An eligible employee may enroll in the plan by executing a joinder agreement.
(b) The amount to be deferred shall be specified in the joinder agreement. The amount deferred may be changed by the participant with prior notice to the local plan administrator or plan manager at times designated by the employer.
(c) Once a joinder agreement is signed, the participant and beneficiary waive all claims and rights to commute, sell, assign, or otherwise use or transfer rights to receive any payments under the plan, which payments and rights are expressly declared to be non-assignable and non-transferable.
(d) The employer and a participant may execute only one joinder agreement for the purpose of enrolling in a plan during any one calendar year. The joinder agreement expires upon termination of service or a revocation of deferrals.
