NJ S3353

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

Loans may be taken from a participant's mandatory, voluntary, or rollover contribution subaccounts based on the 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 establish all criteria including loan eligibility, amounts, 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)