Employers' Pensions and Benefits Administration Manual (EPBAM)
   

 

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    Supplemental Annuity Collective Trust
    of New Jersey (SACT) Regular
    (After Tax) Plan — Eligibility


     

Major Areas of Discussion about SACT - Regular
Eligibility (present page)

Enrollment

Changes

Distribution

 


Eligibility

Employees who are actively contributing members of one of the following state-administered retirement systems are eligible to participate in SACT Regular.

     Judicial Retirement System (JRS)

     Teachers’ Pension and Annuity Fund (TPAF)

     Public Employees’ Retirement System (PERS)

     Police and Firemen’s Retirement System (PFRS)

     State Police Retirement System (SPRS)

These systems will be referred to as the ‘basic retirement systems’ throughout this guide.

Contributions Allowed

The SACT-Regular Plan allows contributions in whole percentages beginning at one percent of your base salary. The maximum contribution allowable is the prevailing IRS maximum for all 403(b) plans ($16,500 in 2010). Lump-sum contributions of $50 or more are allowed in the third month of any calendar quarter. Although your contributions to the regular plan are "after-tax contributions", your accumulated earnings are deferred from federal income tax until you withdraw your money.

 

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Last Updated: March 31, 2010