FAQ - Voluntary Savings Plans
Can I suspend and restart contributions?
Yes, contributions to any of these savings plans can be suspended and restarted at a future time.
How does the IRS classify these voluntary savings plans?
ACTS, SACT and Additional Voluntary Contributions through your investment carrier are "403(b)" plans. The NJ State Employees Deferred Compensation Plan is an IRS "457" plan.
What are the annual contribution limits for each of these plans?
ACTS, SACT (PERS or PFRS)
Under age 50: A combined pre-tax and after-tax contributions: $18,000 in 2017
Age 50 & Over: A maximum pre-tax and after-tax contributions: $24,000 in 2017
Note: Members enrolled in ACTS and SACT have a combined $18,000 or $24,000 limit for 2017.
NJ State Employees Deferred Compensation Plan (PERS or PFRS or ABP)
Under age 50: A combined pre-tax and after-tax contributions: $18,000 in 2017
Age 50 & Over: A maximum pre-tax and after-tax contributions: $24,000 in 2017
Note: Three years prior to retirement, plan members may be able to defer up to twice the normal limit for that year. For additional information, please contact Prudential at 866-657-3327.
Voluntary Additional Savings (ABP)
Under age 50: A combined pre-tax and after-tax contributions: $18,000 in 2017
Age 50 & Over: A maximum pre-tax and after-tax contributions: $24,000 in 2017
Note: Members who have at least 15 years of Rutgers employment without previous substantial contributions, may be able to tax defer more – contact your state-authorized investment carrier for more information.
What voluntary savings plans can members of ABP enroll in?
ABP members may enroll in one or more of the following plans:
- Additional Voluntary Contributions – through your investment carrier(s)
- NJ State Employees Deferred Compensation Plan