Alternate Benefit Program
The Alternate Benefit Plan (ABP) is a tax-sheltered, defined contribution retirement program for certain higher education faculty, instructors, and administrators. ABP provides retirement benefits, life insurance, and disability coverage, which can help provide security in retirement.
Alternate Benefit Program Eligibility
You may be eligible to enroll in the Alternate Benefit Program if you meet one of the following criteria:
- Regularly appointed faculty
- Visiting professors
- Part-time lecturers
- Managerial, Professional, Supervisory, Confidential and Administrative staff
Please note that employees holding F1, J1, C03b or C03c visas are not eligible to enroll.
Alternate Benefits Program Mandatory Contributions
Employee Contribution:
- 5% of base salary made on a pretax basis (maximum contribution)
Employer Contribution:
- 8% employer match of employees’ base salary up to an annual salary of $210,000 ($16,800) based on the state of NJ regulation
Alternate Benefits Program Vesting
Vesting:
- 1 Year or Immediate Vesting, if applicable
Immediate Vesting:
- A new employee who already owns a retirement contract containing employer and employee contributions due to higher education employment or a new employee who is an active or vested member of another state-administered retirement system in the U.S. is considered vested
Alternate Benefits Program Forms
To select/change your investment carrier allocation in the Alternate Benefit Program, view the ABP Enrollment Guide.
To change beneficiary designation for the Alternate Benefit Program, complete the Designation of ABP Beneficiary Form (PDF).
Alternate Benefits Program Additional Information
For additional information, view the NJ State Department of Pensions and Benefits Alternate Benefit Program page.