The ABP is a tax-sheltered, defined contribution retirement program for certain higher education faculty, instructors, and administrators. ABP provides retirement benefits, life Insurance, and disability coverage, which can help provide security in retirement.
|AXA Financial (Equitable)||333 Thornall Street, 8th Floor
Edison, NJ 08837
|Prudential||30 Scranton Office Park
Scranton, PA 18507
|1-866-752-0072||TDD line: 1-877-760-5166|
|MassMutual Retirement Services||379 Thornall Street
Edison, New Jersey 08837
|Teachers Insurance and Annuity Association/TIAA||155 Village Blvd, Suite A
Princeton, NJ 08540
|VOYA Financial Services||581 Main Street, 6th Floor
Woodbridge, NJ 07095
|VALIC||135 Route 202/206, Suite 13
Bedminster, NJ 07921
|MetLife||581 Main Street, 6th Floor
Woodbridge, NJ 07095
ABP enrollees not designating an investment provider for their program contributions within 45 days of program participation are enrolled with the investment provider designated by the NJDPB as the default investment provider at the time of enrollment. The default investment provider is authorized to accept employer and employee mandatory contributions and will invest the funds in a money market fund. Contributions will continue to be sent to the default investment provider and invested in that money market fund until the ABP member designates an investment provider, completes an application with that investment provider, and notifies the employer of this action. If the member is subject to delayed vesting, and is enrolled with the default investment provider, the member is allowed to choose an alternate investment provider during the first year and transfer the contributions deposited to that alternate investment provider.
The NJDPB has considered the concerns of members, human resource managers, and the investment providers for the ABP, and has developed procedures to periodically select an investment provider to serve as the default provider. As a result, the NJDPB has determined the default provider for the current fiscal year (FY), covering July 1, 2017, thru June 30, 2018, to be MetLife . The NJDPB will provide notification of future fiscal year default providers at a future date.
The following is the designated order of Default Providers from Plan Year 2013 through Plan Year 2019:
|Default Provider||Plan Year|
|VOYA (formerly ING)||7/1/2014-6/30/2015|
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