[HISTORY: Adopted by the Borough Council of the Borough of Mountain Lakes as indicated in article histories. Amendments noted where applicable.]
Article I Defined Contribution Retirement Program
[Adopted 8-25-2008 by Ord. No. 09-08]
Pursuant to N.J.S.A. 43:15C-2, the following positions are deemed to be eligible for and shall participate in the Defined Contribution Retirement Program if and when an eligible individual fills the position:
Individuals serving in the following positions are exempt from Defined Contribution Retirement Program membership, pursuant to N.J.S.A. 43:15C-2:
If an individual is appointed to one of the positions listed in § 154-1 and the individual is not serving in a position as described in § 154-2 above, the Pension Certifying Officer of the municipality may determine that the individual is not required to join the Defined Contribution Retirement Program if that individual:
Was an active participant in the Public Employee Retirement System on July 1, 2007 and continuously since that time; or
Has been appointed pursuant to a valid promotional process; or
Is appointed on a temporary, interim, or "acting" basis to a position requiring state certification as set forth in § 154-2 herein, and is in pursuit of the required certification; or
Meets such other exceptions that may be approved by the Local Finance Board or the Division of Pensions and Benefits.
This article shall be implemented, construed and subject to the aforesaid Chapter 92 of the Laws of 2007 (N.J.S.A. 43:15C-1 et seq.) as amended from time to time, and any regulations or guidance documents from the Local Finance Board or the Division of Pensions and Benefits.
A copy of this article shall be filed with the Director of the Division of Pensions and Benefits of the New Jersey Department of the Treasury.