Alternate Benefits Program

[Guest bobburd]

Hi,

I work for the State of NJ and I am developing an application for Alternate Benefits Program. The members of this plan are mainly college employees. The Division of Pensions is looking to see if there is an off the shelf software that they can purchase instead of me writing a custom application for them using Oracle Designer. Any help would be appreciated.

[MGB]

What is an "Alternate Benefits Program"? I am unfamiliar with that terminology. Is this a pension plan or some other type of benefit?

[Guest bobburd]

Hi,

Looking on the Web, I see that this system is called Alternate Benefits Program or Optional Benefits Program. It is mainly for College faculty. They can select different vendors to manage their accounts. TIAA-CREFS is the major vendor. It's a different retirement system than the normal state employee system. It's transferable from one institution to another. I believe you put into the system and you are not taxed until you start receiving payments. My system will track the members and their contribution as it's main function. It will also track service credit as well as some other functions.

[Guest ronc]

Bob,

The Virginia Retirement System has had an Optional Retirement Plan for many years. The have one for political appointees and one for higher ed faculty. Their site is www.varetire.org

Click on defined contribution plans.

Good Luck:)