ASSEMBLY, No. 1372

STATE OF NEW JERSEY

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Assemblyman STUHLTRAGER

An Act allowing the transfer of funds by certain public employees participating in the Supplemental Annuity Collective Trust and supplementing P.L.1963, c.123 (C.52:18A-107 et seq.).

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. Employees of the Department of Education, the Commission on Higher Education, or the governing body of any public institution of higher education who are participants in the Supplemental Annuity Collective Trust pursuant to section 403(b) of the federal Internal Revenue Code of 1954, as amended, may transfer all or a portion of their funds from the Supplemental Annuity Collective Trust to a tax-deferred annuity with an insurer or mutual fund company authorized to provide investment contracts under the alternate benefit program pursuant to the provisions of P.L.1995, c.92 (C.52:18A-113.2 et seq.).

    2. This act shall take effect immediately.

Allows certain public employees to transfer funds from the Supplemental Annuity Collective Trust to an alternate vendor.