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). Eligible full-time tenure and non-tenure track faculty members may choose to enroll or waive the medical, dental and or prescription drug plans.
As a condition of employment, it is compulsory for all eligible full-time 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 plan requires eligible employees to contribute five percent of the base or contractual salary and the college is required to contribute eight percent to a tax deferred investment account. The account must be established with any of the current authorized designated service providers by the state of NJ: AXA Financial (Equitable), MassMutual Retirement Services (formerly The Hartford), MetLife (formerly Travelers/CitiStreet), Prudential Retirement Services, TIAA, VALIC, and Voya.
Mandatory Health Forms
Mandatory ABP Pension Forms
- Affidavit of Pension Form – This form is required to determine your prior pension enrollment with the state of New Jersey Retirement System. Please complete all sections and sign.
- ABP Enrollment Application* – All faculty member are required to complete the application to enroll in the pension program. Please complete section 1. Please see Alternate Benefits Program to learn more about the pension plan.
- ABP Carrier Election and Allocation Form* – This form is required to elect your investment carrier. Please see Authorized Designated Service Providers List for provider options. Please see Designated Service Providers Comparison Guide for more information on investment elections.
- Designation of Beneficiary Form* – This form must be completed to designate your beneficiary for life insurance. An original signed copy is required.
- ABP Salary Reduction and Carrier Allocation Form* – This form is required to select your investment carrier and is an agreement for TCNJ to deduct the mandatory five percent pre-tax contribution from your bi-weekly salary.
*These forms are not required if you retired with a New Jersey State Pension Plan or took a distribution from a prior ABP Plan.
Optional Plan Enrollment Forms
- Supplemental Voluntary Retirement Plan – Salary Reduction Agreement and Carrier Allocation Form – This form is required for 403b enrollment under the Additional Contributions Tax-Sheltered (ACTS) Program
- NJ State Employees Deferred Compensation Plan – This form is required for 457b enrollment under the Deferred Compensation Plan- NJSEDCP
Faculty Members 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 Election of Retirement Coverage Form within the first 30 days of employment. Failure to complete paperwork will result in the enrollment of ABP.
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 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.
The current default provider is AXA Equitable. Valic will be the designated order of Default Provider from July 1, 2019 through June 30, 2020
For additional information regarding the Alternate Benefits Program please visit NJ Division of Pension and Benefits – ABP
Faculty members with questions concerning pension benefits can stop by the Human Resources Office or email email@example.com