Transcription of Alternate Benet Program (ABP)
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Alternate Benet Program (ABP)
Alternate Benefit Program (ABP)Information for: Alternate Benefit ProgramPage 1 December 2017 Fact Sheet #38 The Alternate Benefit Program (ABP) is a tax-shel-tered, defined contribution retirement Program for higher education faculty and certain administrators. The ABP provides retirement benefits, life insurance, and disability coverage, which when combined with Social Security and other tax-deferred plans can provide security in and adjunct faculty, part-time instructors, officers, visiting professors, and certain profession-al administrative staff required to possess a college degree or its equivalent can participate in the ABP. Full-time is defined by statute to include anyone re-ceiving 50 percent or more of base salary, and may include anyone on sabbatical or paid leave of ab-sence for a period not to exceed one not eligible for membership include: tem-porary employees (with the exception of visiting professors appointed for a school year, a semester, or a lesser period of time); faculty members tempo-rarily in the under an F or J visa; employees in a career service title as defined by the New Jersey
the current authorized providers: Equitable (formerly AXA), Empower Retirement (formerly MassMutual), MetLife/Brighthouse ormer(f ly elers/CitiStreet), va r T Prudential Retirement Services, TIAA, AIG Retire-ment Services (formerly VALIC), and VOYA. Additional voluntary federal tax-deferred contribu-
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