Changes in the Administration
of the New Jersey State Employees Deferred Compensation Plan
On October 25, 2005, the State Treasury
and New Jersey State Employers Deferred Compensation Board announced
that Prudential Retirement, a business of New Jersey-based Prudential
Financial, has been selected as the third party administrator
for the New Jersey State Employees Deferred Compensation Plan
(NJSEDCP). Because of this change in the administration of the
NJSEDCP, effective January 1, 2006, some of the information provided
below may no longer be accurate; other information has been added
to incorporate the changes brought about by the plan administration
changes explained above. The Division of Pensions will provide
procedural updates regarding the NJSEDCP as soon as they become
Prudential's Salary Deferral
Change Form Available
wishing to begin making contributions to the NJSEDCP or who wish
to change their rate of contribution under Prudential Retirement
must complete a Prudential Salary Deferral Change Form,
click here. New participants must first establish an account
by also completing the Request for Enrollment form, before
authorizing payroll reductions with the Salary Deferral Change
Members may also elect to discontinue
participation in the NJSEDCP by completing the Salary Deferral
Change Form and electing a 0% contribution rate.
Enrollment into the
New Jersey State Employees Deferred Compensation Plan is for eligible
employees include those employed by the State of New Jersey or
an eligible agency, authority, commission, or instrumentality
of State government.
pubic employees employed through a county, township, or municipality
and not paid directly by the State of New Jersey or one of its
agencies, are NOT eligible for the NJSEDCP.
dates may vary according to the participant's payroll center.
An enrollment packet, consisting
of three forms, an Enrollment
Form, a Beneficiary
Designation Form, and a Rollover Preapproval are
included. The Enrollment Form must be completed and signed
by the employee and submitted to Prudential Retirement, a business
of Prudential Financial.
All forms must be forwarded to the
Deferred Compensation office for processing. A confirmation indicating
the effective date will be returned to the participant through
the payroll office.