Benefits Information
In addition to the basic retirement plan,
state employees may participate in the following voluntary investment
programs:
Supplemental Annuity Collective
Trust (SACT)
This plan
is not available to ABP members. Under the SACT program, employee contributions
are invested conservatively in the stock market. Employees may contribute
between 1 and 10 percent of their base salaries. The maximum contribution
allowable is the greater of 10 percent of base salary or the prevailing
IRS limit for 403(b) plans. Additional information about the SACT
program is available from the web link below:
NJ State Employees Deferred
Compensation Plan
Under the
Deferred Compensation Plan, employees defer between 1% and 100% of their
salary up to a IRS maximum contribution limit for 457 plans. Four investment
funds are available: Bond, Equity, Money Market or Small Cap Equity. Account
balances may be transferred among the four funds in multiplies of 1% a
maximum of one time per calendar month. Additional Information
about the NJ State Employees Deferred Compensation Plan is available from
the web link below:
The Additional Contributions
Tax-Sheltered (ACTS) Program
These programs allow
for eligible employees in any of the State's pension plans to obtain supplemental
tax-deferred annuities from a variety of carriers through a salary reduction
aggreement. Each carrier provides a selection of investment choices to
meet the needs and goals of retirement planning. Additional information
regarding the ACTS program from the web link below:
For further information and eligibility
criteria for any of the above programs, please contact the Office of Payroll
and Benefits.
|
