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New Hire Faculty – Retirement Plans and Benefits

Mandatory Retirement Plans

As a condition of employment, it is compulsory for all eligible full-time tenure track and part-time non-tenure track faculty members to enroll in the Alternate Benefits Program (ABP) immediately.

The Alternate Benefit Program is a tax-sheltered, defined contribution retirement program for higher education faculty and certain professional administrative staff. The program provides retirement benefits, life insurance and long-term disability coverage.

 

The plan requires that eligible employees to contribute five percent and the college contribute eight percent, of the base or contractual salary to a tax deferred investment account. An investment account must be established, with any of the current Designated Service Providers (DSP) that are authorized by the state of NJ. The following providers are, AXA Financial (Equitable), MassMutual Retirement Services (formerly The Hartford), MetLife (formerly Travelers/CitiStreet), Prudential, TIAA, VALIC, and Voya.

 

Default Providers for ABP Investments

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 NJ Division of Pensions and Benefits, as the default investment provider at the time of enrollment. The default investment provider is authorized to accept employee and employer 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 a money market fund until the ABP member designates an investment provider. VALIC is the Default Provider from August 1, 2019 through June 30, 2020.

Faculty members currently enrolled in the NJ Public Employees’ Retirement System (PERS), must declare their intent to remain in PERS or participate in ABP. This decision is irrevocable and must be made by completing an https://www.nj.gov/treasury/pensions/documents/forms/ew1028.pdf  within the first 30 days of employment. Failure to complete paperwork will result in the enrollment of ABP.

Please note, if you are retired from any New Jersey State Administered Pension Plan or received a distribution from a prior NJ ABP Plan, you are ineligible to participate in a mandatory retirement plan.

 

For more details regarding retirement plans, use the following links below:

 

Alternate Benefit Program

 

Authorized Designated Service Providers List

 

Designated Service Providers Comparison Guide

 

Voluntary Retirement Plans – (OPTIONAL)

ACTS Program  – The Additional Contributions Tax-Sheltered (ACTS) Program allows all employees to voluntarily shelter a portion of wages from federal income taxes while saving for retirement. Participants can choose to make contributions with a selection of investment choices from six authorized providers approved by the state of NJ, to meet the needs and goals of retirement planning. The following providers are, AXA Financial (Equitable), MassMutual Retirement Services (formerly The Hartford), MetLife (formerly Travelers/CitiStreet), TIAA, VALIC, and Voya. Employees must complete the TCNJ-Supplemental-Voluntary-Salary-Reduction-Agreement-and-Carrier-Allocation-Form.

NJSEDCP – The New Jersey State Employees Deferred Compensation Program allows all employees to voluntarily shelter a portion of wages from federal income taxes while saving for retirement. The plan is administered by Prudential for the state of NJ. Participants can choose to make contributions with a selection of investment choices to meet the needs and goals of retirement planning. Employees must complete the TCNJ-Supplemental-Voluntary-Salary-Reduction-Agreement-and-Carrier-Allocation-Form  and   NJSEDCP Enrollment Form

 

Health Benefit Plans

Health plans offered by The College of New Jersey, are governed by the rules and regulations of the New Jersey State Health Benefits Program (NJSHBP). Eligibility for Active Group coverage is determined by the State Health Benefits Program (SHBP). All applications to enroll, change coverage, terminate, etc. must go through your employer.

Eligible full-time tenure, non-tenure track and part-time non-tenure track faculty members, may choose to enroll or waive the medical, dental and or prescription drug plans. To be considered full-time you must work at least 35 hours per week.

Part-time non-tenure track faculty members, are only eligible to enroll or waive the medical and prescription plans.

 

For more details regarding the NJSHBP, use the following links below: 

Medical Plan Design

Summary of Benefits and Coverage Plans

Prescription Drug Plan

Dental Plans

Health Benefits for Part-time Employees

State Monthly Percentage Calculator for Plan Year 2020  (Full time employees premium share cost, based upon plan type, level of coverage and salary)

State Monthly Part-Time Rates for Plan Year 2020

State Monthly Dental Plan Rates for Plan Year 2020

 

Please complete the required retirement and benefit plan forms below. Return completed forms to the Office of Human Resources.

Affidavit of Pension Form

TCNJ-ABP-Mandatory-Salary-Reduction-Agreement-and-Carrier-Allocation-Form

ABP Enrollment Application

ABP Designation of Beneficiary Form  (An original signed copy is required)

ABP Carrier Election and Allocation Form

Health Enrollment and or Change Form

Dental Enrollment and or Change Form

 

Please email your questions to hr@tcnj.edu or call 609 -771-2118

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