New Jersey Statutes 43:15C-3. Employee, employer contribution
Terms Used In New Jersey Statutes 43:15C-3
- Contract: A legal written agreement that becomes binding when signed.
All participant contributions shall be made in accordance with section 414(h) of the federal Internal Revenue Code (26 U.S.C. § 414(h)).
b. The employer shall make payment of the employer contributions to the program at a rate equal to 3% of the employee’s base salary, which moneys shall be paid to the designated provider for the benefit of each participant. Additionally, employers shall pay their share of the administrative costs of the program. The intervals for all payments and the allocation of administrative costs shall be determined by the Division of Pensions and Benefits including due dates and penalties for noncompliance.
c. No employer contributions shall be vested in a participant until after the participant commences the second year of employment unless the participant, at the time of initial employment, either (1) participates in a program substantially similar to the retirement program, or (2) is a member of another State-administered pension fund or retirement system.
L.2007, c.92, s.3; amended 2007, c.103, s.6.