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Supplemental
Annuity Collective Trust
of New Jersey (SACT) Tax-Sheltered
(Pretax) Plan — Eligibility
Supplemental
Annuity Collective Trust (SACT) Member Handbook
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Major Areas
of Discussion About SACT Tax-Sheltered
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Eligibility
(present page)
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If you are an actively contributing
member of one of the following state-administered retirement systems,
and employed by a public educational institution, you
are eligible to participate in SACT Tax-Sheltered Account (SACT-TSA).
These systems will be referred to
as the 'basic retirement systems' throughout this guide:
- Teachers' Pension and Annuity
Fund (TPAF)
- Public Employees' Retirement
System (PERS)
- Police and Firemen's Retirement
System (PFRS)
Elected officials are ineligible.
Contributions Allowed
The SACT-Tax-Sheltered Plan allows
contributions in whole percentages beginning at one percent of
your compensation (base salary minus pension contribution). The
maximum contribution allowable is the prevailing IRS maximum for
all 403(b) plans ($16,500 in 2010). Your contributions are excluded
from your income for federal income tax purposes.
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