Employers' Pensions and Benefits Administration Manual (EPBAM)
   

 

Shortcuts

Information by Employer Task

 

Supplemental Annuity Collective Trust
of New Jersey (SACT)
Tax-Sheltered
(Pre-tax) Plan —
Changes

Supplemental Annuity Collective Trust (SACT) Member Handbook


Major Areas of Discussion about SACT Tax-Sheltered
Changes (present page)


Change or Suspension of Salary Reduction

A member may change or suspend the elected percentage rate of salary reduction before the beginning of any calendar quarter. 

All changes (increase or decrease) in percentage rate of salary reduction must be made on a "Change of Contribution Rate Request Form", accompanied by a new "Salary Reduction Agreement"

The maximum dollar amount that members are permitted to contribute annually in 2010 is $16,500. This is in accordance with federal Internal Revenue Code. Salary reductions are made through payroll deductions.

The member completes the forms and has them certified by the authorized personnel representative. The forms must be received by the Division of Pensions and Benefits, SACT Section, 30 days before the beginning of the calendar quarter. 

Once changes have been processed, the employer will receive confirmation copies of the updated certification of payroll deductions. 

All requests become effective at the start of the next calendar quarter.


 

BACK TO TOP

BACK TO HOME PAGE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


division (internet use only): p&b home | SHBP home | forms and publications | seminars | contact the division
pension funds : PERS | TPAF | PFRS | SPRS | JRS | ABP | other funds | search
Last Updated: March 31, 2010