Savings Programs
The following savings programs are offered on a voluntary basis:
403(b) and 457(b) plans:
Employees who are members of a New Jersey State Pension Program are eligible to participate in a 403(b) Supplemental Retirement Annuity and 457(b) Deferred Compensation Plan. For 2007 employees may contribute before tax contributions amounting to $15,500 if under the age of 50 and $20,500 if over the age of 50.
Plan information is available at: www.state.nj.us/treasury/pensions.
Participating carriers are as follows:
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Supplemental Annuity Collective Trust Fund of New Jersey (SACT)
If you are a participant in the Public Employees’ Retirement System (PERS), Teachers’ Pension and Annuity Fund (TPAF), and Police and Firemen’s Retirement System (PFRS), you are eligible to enroll in this voluntary investment program. This program is administered by the State of New Jersey. For 2007 employees may contribute before tax contributions amounting to $15,500 if under the age of 50 and $20,500 if over the age of 50.
For more information on this program, please visit: www.state.nj.us/treasury/pensions
North Jersey Federal Credit Union
Employees have the unique opportunity of enrolling in a credit union for direct deposit of their pay checks and taking advantage of savings and loan opportunities.
For more information, please visit www.njfcu.org or call 973-785-9200.
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U.S. Savings Bond Program
Employees may elect to purchase US Savings Bonds through payroll deductions for one of two programs:
- I Bond – purchase price full face value
- EE Bond – purchase price 50% of face value
For more information, please visit www.publicdebt.treas.gov
Workplace 529 Plan
The Fidelity Advisor 529 Plan, managed through the Workplace 529 Program, allows employees to enjoy federal tax-deferred growth of any earnings while saving for a child’s college education.
For more information, please visit: www.advisor.fidelity.com.
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