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Supplemental Annuity Collective Trust
of New Jersey (SACT) Tax-Sheltered
(Pretax) Plan — Eligibility


Supplemental Annuity Collective Trust (SACT) Member Handbook

 

Major Areas of Discussion About SACT Tax-Sheltered

 
 
Eligibility  (present page)
 
   
   
   
   


    Eligibility

If you are an actively contributing member of one of the following state-administered retirement systems, and employed by a public educational institution, you are eligible to participate in SACT Tax-Sheltered Account (SACT-TSA). 

These systems will be referred to as the 'basic retirement systems' throughout this guide:

    •  Teachers' Pension and Annuity Fund (TPAF)

    •  Public Employees' Retirement System (PERS)

    •  Police and Firemen's Retirement System (PFRS)

Elected officials are ineligible.

Contributions Allowed

The SACT-Tax-Sheltered Plan allows contributions in whole percentages beginning at one percent of your compensation (base salary minus pension contribution). The maximum contribution allowable is the prevailing IRS maximum for all 403(b) plans ($16,500 in 2010). Your contributions are excluded from your income for federal income tax purposes.

 

 

 

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Last Updated: March 31, 2010