NJ S3417

Requires the Defined Contribution Retirement Program (DCRP) Board to establish a loan program allowing participants to borrow from their retirement plan accounts without it being treated as a withdrawal or distribution

Loans can be drawn from a participant's mandatory, voluntary, or rollover contribution subaccounts based on account value at the time of the loan

Interest paid on loans will be credited back to the participant's mandatory contribution subaccount at rates set by the board

The DCRP Board will set all loan criteria including eligibility requirements, loan amounts, loan intervals, interest rates, and repayment schedules

Implementation must maintain the program's status as a qualified governmental defined contribution plan under federal Internal Revenue Code sections 401(a) and 414(d)