Borough of Palmyra, NJ Article III Defined Contribution Retirement Program

[Adopted 9-18-2008 by Ord. No. 2008-17]

§ 40-5 Eligible positions.

Pursuant to N.J.S.A. 43:15C-2, the following positions are deemed eligible and shall, if qualified under applicable rules, participate in the Defined Contribution Retirement Program:

A. Borough Administrator.

B. Municipal Court Judge.

C. Mayor.

D. Councilpersons.

E. Department heads as required by law.

§ 40-6 Exempt positions.

Individuals serving in the following positions are exempt from Defined Contribution Retirement Program membership pursuant to N.J.S.A. 43:15C-2:

A. Tax Collector.

B. Chief Financial Officer.

C. Construction Code Official.

D. Tax Assessor.

E. Registered Municipal Clerk.

F. Licensed Uniform Subcode Inspectors.

G. Principal Public Works Manager.

§ 40-7 Exception.

Notwithstanding the above, if an individual is appointed to one of the positions listed in § 40-5, above, and not serving in one of the positions listed in § 40-6, above, the Pension Certifying Officer of the Borough may, nevertheless, determine that the individual is not required to join the Defined Contribution Retirement Benefit Program if that individual:

A. Was an active participant in the Public Employee Retirement System on July 1, 2007, and continuously remained a participant since that time; or

B. Has been appointed pursuant to a valid promotional process; or

C. Is appointed on a temporary, interim or acting basis to a position requiring state certification and is in pursuit of such required certification; or

D. Meets such other exception that may be approved by the Local Finance Board or the Division of Pensions and Benefits.

§ 40-8 Applicability of other provisions.

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 regulation or guidance documents from the Local Finance Board or the Division of Pension and Benefits.

§ 40-9 Filing of article.

A copy of this article shall be filed with the Director of the Division of Pensions and Benefits of the New Jersey Department of Treasury.