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
Fianancial, has been selected as the third party administrator
for the New Jersey State Employees Deferred Compensation Plan
(NJSEDCP). Because of this upcoming change in the administration
of the NJSEDCP, effective January 1, 2006, some of the information
provided below may no longer be accurate. The Division of Pensions
will provide procedural updates regarding the NJSEDCP as soon
as they become available.
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 for eligible
employees is done on a monthly basis. Effective enrollment dates
may vary according to the participant's payroll center.
An enrollment packet, consisting
of two forms, an "Enrollment
Request", and a "Beneficiary
Request", must be completed by the employee and signed
by the authorized Personnel Representative at the payroll center.
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.