DEFINED CONTRIBUTION RETIREMENT PROGRAM (DCRP)
The Defined Contribution Retirement
Program (DCRP) — established under the provisions of
Chapter 92, P.L. 2007 and Chapter 103, P.L. 2007 and expanded
under the provisions of Chapter 89, P.L. 2008 and Chapter 1, P.L. 2010 — provides
eligible members with a tax-sheltered, defined contribution
retirement benefit, along with life insurance and disability
coverage.
Individuals
eligible for membership in the DCRP include:
- State
or Local Officials who are elected or appointed
on or after July 1, 2007;
- Employees
enrolled in the Public Employees Retirement System (PERS) or Teachers Pension and Annuity Fund (TPAF) on or after July 1,
2007, who earn salary in excess of established “maximum
compensation” limits;
- Employees enrolled in the Police and Firemen’s Retirement System (PFRS) or State Police Retirement System (SPRS) after May 21, 2010, who earn salary in excess of established “maximum compensation” limits;
- Employees
otherwise eligible to enroll in the PERS or TPAF
on or after November 2, 2008, who do not earn the
minimum annual salary for PERS or TPAF Tier 3 enrollment
($8,000 in 2013, subject to adjustment in future
years) but who earn salary of at least $5,000 annually; and
- Employees otherwise eligible to enroll in the PERS or TPAF after May 21, 2010, who do not work the minimum number of hours per week required for PERS or TPAF Tier 4 or Tier 5 enrollment (35 hours per week for State employees or 32 hours per week for local government or local education employees) but who earn salary of at least $5,000 annually.
The Defined Contribution Retirement Program
Board oversees the DCRP, which is administered for
the Division of Pensions and Benefits by Prudential
Financial
- Prudential makes DCRP information, including
information about distribution options, available on its New
Jersey Defined Contribution Program Web site: www.prudential.com/njdcrp
- Employers and members can contact Prudential
Financial by phone using Prudential's Toll Free Number: 1-866-653-2771.
DCRP PUBLICATIONS
AND FORMS
| PERS, TPAF, PFRS, and SPRS Members
Eligible for the DCRP |
|
|
| State or
Local Elected or Appointed Officials |
|
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| DCRP ACCOUNT
INFORMATION |
- Account information is available on the Prudential DCRP
Web site: www.prudential.com/njdcrp
- Or by calling Prudential Financial toll free at: 1-866-653-2771
GROUP LIFE INSURANCE
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ENROLLMENT
AND ADMINISTRATIVE
GUIDANCE FOR EMPLOYERS |
|
DCRP Communications
Department of Community Affairs Guidance on
DCRP
Professional Services Contracts and Independent Contractors
in PERS or TPAF
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