New Jersey Defined Contribution Retirement Plan Ordinance

The New Jersey Defined Contribution Retirement Plan (DCRP) is a state program established in 2007 and expanded in 2008 that established a tax-sheltered, defined contribution for certain eligible state and municipal employees.

Government Officials

State and local officials are the primary employees eligible to enroll in New Jersey's DCRP.

Maximum Cap Eligibility

Those employees who have reached maximum capacity in other retirement programs are eligible for DCRP. This includes employees enrolled in the Public Employees Retirement System who earn more than the maximum compensation limit, teachers enrolled in the Teachers Pension and Annuity Fund who earn more than the maximum compensation limit, and employees enrolled in Police and Firemen's Retirement System or State Police Retirement System who have reached the maximum cap.

Other Eligibility

Employees who would otherwise be eligible for other retirement programs, but do not meet the minimum salary requirements or do not work the minimum number of hours may enroll in DCRP.

Administration

The Defined Contribution Retirement Program Board oversees the program which is privately administered on behalf of the state's Division of Pension and Benefits.

References

• State of New Jersey Department of the Treasury: Defined Contribution Retirement Program