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BCIT Payroll & Pension Information

Questions regarding Payroll or Pension?

 

Beginning on May 31, all supplemental or extra wages outside of regular earnings have been adjusted to conform with the Department of the Treasury IRS Standards; and will now be taxed at a flat 25%.  As defined by the IRS, “Supplemental wages are wage payments to an employee that aren’t regular wages”.  Please refer to:

 ·       Department of the Treasury IRS Circular E, Employer’s Tax Guide 2016, page 18

·       Publication 15 (2016), Content #7, Supplemental wages, item 1A (states that an employer is required to “withhold a flat 25%/no other percentage allowed”). 

In order to further conform with these guidelines, going forward all extra pay will be paid out on a second pay statement/deposit.


 

QUICK LINKS

 


 
PENSION INFORMATION:

 

NJ DCRP: Defined Contribution Retirement Plan
 
BENEFICIARY INFORMATION:
 
 
RETIREMENT INFORMATION: Please visit the Retirement Information link in the left column of BCIT Personnel.
 
 

The Division of Pensions and Benefits is posting new hours for in-person counseling at its Trenton, New Jersey office. 

 

Counselors will be available for scheduled appointments from 8:00 a.m. to 4:00 p.m., Monday through Friday* (with the last interviews taken at 3:30 p.m.).  Reception desk hours will be 8:00 a.m. to 4:30 p.m., Monday through Friday*.

Telephone counseling hours at (609) 292-7524 remain unchanged at 7:30 a.m. through 4:30 p.m., Monday through Friday*.

*Except State holidays.

When issues arise that warrant the time and attention of a pension counselor, active or retired members (or beneficiaries) should schedule an appointment with the Division of Pensions and Benefits.  Scheduled appointments curtail long wait times and shorten the overall time when visiting our office.

Counseling appointments should be made for detailed assistance with:

              - Purchase of Service Credit

              - Retirement Counseling

              - Disability Retirement Counseling

              - Death Claim Assistance

              - Retired Health Benefits Issues

              - Active or Retired Pension Account Discrepancies

Appointments are scheduled online through the Division of Pensions and Benefits Web site at: www.state.nj.us/treasury/pensions   At the home page, click on "Schedule a Counseling Appointment" and follow the instructions.

Basic membership information is requested when submitting the appointment request so that counselors are better prepared for member visits. When the registration is complete, members receive confirmation of the scheduled appointment via e-mail. 

Because counselors are booked for a specific appointment time, we ask that members arrive for check-in prior to their scheduled time so the appointment can begin when scheduled.  Late arrivals may not be able to be seen when scheduled, and can experience significant waiting times for an available counselor. 

Selected "quick services" at our Reception desk - like picking up a fact sheet or the drop-off of a document or properly completed form - are available without an appointment.  Reception desk hours are 8:00 a.m. to 4:30 p.m., Monday through Friday. 

Walk-in clients without an appointment may still be able to speak with a counselor on a limited first come, first served basis when appointment schedules allow.  However, it cannot be guaranteed that late-arriving walk-ins will be able to see a counselor. 

Therefore, when a member needs the time and attention of a pension counselor, it is highly recommended that they schedule an appointment to avoid a long wait time.



 
The Division of Pensions and Benefits has scheduled Retirement Seminars at three new locations in Freehold, Galloway, and Randolph, NJ. 

Designed for employees who are planning for retirement, these live classroom sessions provide added convenience to our members in northern, central, and southern New Jersey. 

Register at: http://www.state.nj.us/treasury/pensions/workshop-intro.shtml

Retirement Workshops provide a step-by-step look at the retirement process. We explain retirement benefits, beneficiary options, group life insurance, and how to submit the retirement application online using MBOS. Loan repayment provisions and the taxability of pension are discussed along with health benefits coverage in retirement. As time permits, the workshop concludes with a question and answer period.

See these and all of our seminar locations at: http://www.state.nj.us/treasury/pensions/workshop-intro.shtml

 

 
 
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