Changes in the Administration
of the New Jersey State Employees Deferred Compensation Plan
On October 25, 2005, the State Treasury
and New Jersey State Employers Deferred Compensation Board announced
that Prudential Retirement, a business of New Jersey-based Prudential
Fianancial, has been selected as the third party administrator
for the New Jersey State Employees Deferred Compensation Plan
(NJSEDCP). Because of this upcoming change in the administration
of the NJSEDCP, effective January 1, 2006, some of the information
provided below may no longer be accurate. The Division of Pensions
will provide procedural updates regarding the NJSEDCP as soon
as they become available.
Subject to the approval of the State
Treasurer and the Deferred Compensation Board, the eligibility
requirements for enrollment dictate that the individual must be
an employee of the State of New Jersey, or an eligible agency,
authority, commission, or instrumentality of State government
that has an independent corporate existence. (Click here
for a list of participating employers.) As well, the employee
must either be presently enrolled in a New Jersey state-administered
retirement system, including the Alternate Benefit Program, or
have accrued at least twelve (12) consecutive months of employment.
The exceptions are those employees
not required to enroll in the retirement system who are considered
permanent immediately, or that have accrued at least twelve
consecutive months of employment, or any individual employed
through a Governor's appointment.
Individuals employed through a county,
township, or municipality and not paid directly through the State
of New Jersey or one of the State's agencies, authorities, commissions
or instrumentalities are not eligible to participate in the New
Jersey State Employees Deferred Compensation Plan.