The Additional Contributions Tax-Sheltered
(ACTS) Program allows eligible employees to obtain supplemental
tax-deferred annuities with a variety of carriers through a salary
reduction agreement. Participants can direct voluntary contributions
among six authorized investment providers. Each provider provides
a selection of investment choices to meet the needs and goals of
retirement planning. The ACTS Program is separate from, and in addition
to your basic pension benefit, the Supplemental
Annuity Collective Trust (SACT) Fund, and the Deferred Compensation Plan.
Employees of county colleges, state
universities and colleges, the Commission on Higher Education, the
Department of Education, and the Office of Student Assistance are
eligible to participate in the ACTS Program. Participation in ACTS
is also open to those employees previously mentioned who are now
receiving retirement allowances from a state pension system and
who would otherwise be barred from joining another state pension
system. Eligible employees can obtain supplemental tax-deferred
annuities with outside investment providers on the same basis and
with the same providers as currently available to members of the Alternate Benefit Program (ABP).
To be considered eligible, you must
work for one of the employers listed above and normally work 20
hours per week or more.
The six designated providers, the same
providers and investment options currently available to members of
the ABP, are:
Detailed information on investment options is available by contacting
the providers individually. The toll-free telephone numbers for the
authorized providers may be found below.
To join the ACTS Program, obtain the
necessary forms from your benefits office. You need to complete
a Salary Reduction Agreement Adobe PDF (10K) and the Provider Election and Allocation Adobe PDF (31K) form. In addition, you must complete any necessary forms to establish
an account directly with the provider(s) before submitting forms
to the ACTS Program.
If you are paid by the state centralized
payroll system, your employer must certify both the Salary Reduction Agreement Adobe PDF (10K) and the Provider Election and Allocation Adobe PDF (31K) form. These forms
must be forwarded to the ACTS Program office at the Division of
Pensions and Benefits. You and your employer will receive confirmation
copies with an effective date of deductions.
If you are employed by a state college
or university or a county college, your benefits office will advise
you of the filing and processing procedures.
It is your responsibility to obtain
the necessary forms to establish an account with the provider(s)
you select for your investments. Failure to do so may result in
lost revenue from your contributions. Additionally, the provider(s)
will return your contributions and your participation will be delayed.
Your reduction cannot exceed the prevailing
IRS maximum for all 403(b) plans or the limitations of Section 415
and the regulations thereunder of the Internal Revenue Code. Contributions
are excluded from your wages for federal income tax purposes.
Your contribution allocation must
be in whole percentages of your includible compensation (base salary
minus required deductions under payroll guidelines).
You may change your percentage of
contribution by completing a new Salary Reduction Agreement Adobe PDF (10K). Salary
Reduction Agreements are limited to one per calendar quarter. To
change carriers or percentage of allocation among the providers you
must file a new Provider Election and Allocation Adobe PDF (31K) form, which can
be done twice per calendar year. You may suspend your contributions
at any time by completing a Salary Reduction Agreement Adobe PDF (10K).
Typically, accounts are paid at termination
of employment or retirement. Information provided by the provider(s)
will outline regulations, tax consequences, and distribution options.
This will include the discussion of options available at separation
of service from your employer, in the event of your death, or under
a hardship withdrawal.
Your benefits office will answer your
questions on the ACTS Program. For specific information on the providers
and investments, contact each provider directly.
The following providers have been
approved by the Division of Pensions and Benefits to offer annuity
investment accounts for ACTS members:
333 Thornall Street, 8th Floor
Edison, NJ 08837
Hartford/Gitterman & Associates Wealth Management, LLC
70 Wood Avenue South, 3rd Floor
Iselin, NJ 08830
Plan Participant information concerning MassMutual’s intention to purchase The Hartford’s Retirement Plans business Adobe PDF (58K)
Life Insurance and Annuity Co.
581 Main Street, 4th Floor
Woodbridge, NJ 07095
|MetLife (formerly Travelers/CitiStreet)
MetLife Insurance Company of Connecticut
581 Main Street, 6th Floor
Woodbridge, NJ 07095
1-800-545-0108 or (732) 602-0500
Insurance and Annuity Association/College Retirement Equities
155 Village Blvd, Suite A
Princeton, NJ 08540
135 Route 202/206, Suite 13
Bedminster, NJ 07921
FACT SHEETS AND FORMS
Fact Sheet #34, Additional Contributions Tax-Sheltered (ACTS) Program Adobe PDF (17K)
ACTS Salary Reduction Agreement Adobe PDF (10K)
Provider Election and Allocation Adobe PDF (31K)
ACTS Transfer Authorization
to SACT Adobe PDF (9K)