S 3353
Establishes loan program in DCRP.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill establishes a loan program within the New Jersey Defined Contribution Retirement Program (DCRP). The program allows participants to borrow funds from their retirement accounts, using money from their contributions. The DCRP Board will determine the rules and terms for these loans, including eligibility, amounts, interest rates, and repayment schedules, to ensure the program remains compliant with federal tax regulations. This program aims to provide participants with access to funds from their retirement accounts.
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