TO: Adjunct Faculty – Credit Courses
FROM: Jeannette Robinson – Human Resources Director
DATE: January 29, 2009
SUBJECT: ABP PENSION ENROLLMENT – ACTION REQUIRED
Based on recent changes in New Jersey State pension law, you are required to join the Alternate Benefit Program (ABP) by virtue of your adjunct faculty assignment at Essex County College. Participation is mandatory unless you are a retired member of any other public retirement system in New Jersey. If this is so, please be sure to advise our office of your status.
Alternate Benefit Program (ABP)
ABP is a defined contribution plan that offers opportunities for long-term tax-deferred investment through six authorized carriers (TIAA-CREF, ING, Met Life, AIG-VALIC, AXA Equitable and The Hartford). Members contribute 5% of their base salary which is matched by an 8% employer contribution. Please note that enrollment in the ABP requires you to select one of the six investment carriers. If you do not make a selection by February 10, 2009, you will automatically be assigned to the default investment carrier which is TIAA-CREF.
ABP Enrollment
To enroll in the ABP you must do the following:
Step 1: Complete the following forms and return to
the Human Resources Department in the enclosed self addressed stamped envelope by February 10, 2009:
· ABP Carrier Election and Allocation
Step 2: Contact the Representative from the list below to complete enrollment with your selected carrier.
AIG-VALIC |
William L. Phillips |
(732) 460-1860 |
|
AXA Equitable |
Michael Bassett |
(732) 452-7289 |
|
ING |
Jeanne Weaver |
(732) 326-5621 |
|
Met Life |
David Sharpe |
(732) 602-0500 |
|
The Hartford |
Cynthia Obre |
(800) 243-7782 |
|
TIAA-CREF |
Peter Contini |
(800) 732-8353 |
Information Sessions
Open information sessions have been scheduled to facilitate the enrollment process. Investment carriers and HR personnel will be present to answer any questions you might have and to assist with enrollment applications. These sessions have been scheduled as follows:
Date: Monday, February 9, 2009
Time: 2:30 p.m. – 4:30 p.m. (Session 1)
4:30 p.m. – 6:30 p.m. (Session 2)
Place: Multi-Purpose Room (4th Floor – Main Campus)
To assist with making your selection we have included, for your convenience, a copy of the Investment Carrier Comparison Guide. For more information on the ABP, you may also visit the State of New Jersey’s website at:
www.state.nj.us/treasury/pensions/epbam/abpindex.htm
Should you have any questions regarding this communication, kindly contact the Human Resources Department at (973) 877- 3493. Your prompt attention to this matter is greatly appreciated.
Enclosures