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This program provides employer contributions to the ABP retirement plan for Rutgers employees who have earned in excess of the $141,000 compensation limit. It is not available at this time to individuals employed in legacy-UMDNJ positions.
State pension law provides for a 5% employee contribution and an 8% employer contribution to the mandatory 401(a) Alternate Benefits Program (ABP), up to the Federal IRC annual compensation limit (currently $265,000). On July 1, 2010, Governor Christie signed Chapter 31, P.L. 2010 into law, which only allowed employer contributions to the 401(a) ABP on salaries up to $141,000. In response to the State-imposed limit, Rutgers University established the Alternate Benefits Program Plan and Trust. Through this program, Rutgers University continues to make the full 8% employer ABP contributions for salaries in excess of $141,000, up to the Federal IRC annual compensation limit of $265,000.
Eligible employees in Rutgers positions with salaries in excess of $141,000 are automatically enrolled in the Plan. This plan is administered by TIAA. For more information, call TIAA at (800) 842-8412.