N.J. Stat. tit. 15A, ch. 8

in effect

N.J. Stat. § 15A:8-1 Employee benefit plans

a. A corporation may, in the manner prescribed in section 15A:8-2, establish and carry out wholly or partly at its expense, any one or more of the following plans for the benefit of some or all employees, as hereinafter defined, and their families, dependents or beneficiaries: (1) Plans providing for payments solely in cash or property including salary, bonus, savings, pension, retirement, deferred compensation and other plans of similar nature; and (2) Plans for the furnishing of medical services, life, sickness, accident, disability or unemployment insurance or benefits, education, housing, social and recreational services, and other similar aids and services. b. The term "employees" as used in this chapter means employees, officers, and agents including any of the foregoing who may also be trustees of the corporation, or other persons who are or have been actively engaged in the conduct of the activities of the corporation, including any who have retired, become disabled or died prior to the establishment of any plan heretofore or hereafter adopted. L.1983, c. 127, s. 15A:8-1, eff. Oct. 1, 1983.

N.J. Stat. § 15A:8-2 Formulation of plans

The board alone, by affirmative vote of a majority of the entire board, may adopt any plan described in section 15A:8-1 and may include provisions therein as the board may deem advisable. L.1983, c. 127, s. 15A:8-2, eff. Oct. 1, 1983.

N.J. Stat. § 15A:8-3 Amendment or termination of plans

Unless otherwise provided in the plan, the board may amend or terminate any plan described in section 15A:8-1. An amendment or termination of any plan shall not impair any rights which have accrued under the plan or deprive any employee or beneficiary of the employee of the equivalent in cash or other benefits of the contributions of the employee under the plan. L.1983, c. 127, s. 15A:8-3, eff. Oct. 1, 1983.

N.J. Stat. § 15A:8-4 Trust funds for employees; creation; maintenance and administration

Any domestic or foreign corporation which adopts a plan described in section 15A:8-1 may establish one or more trust funds of the property contributed or held by the corporation or any subsidiary thereof for the purposes of the plan. The trust fund may be held and administered by the corporation adopting the plan or by any trustee or trustees, within or without this State, appointed by the corporation for that purpose. L.1983, c. 127, s. 15A:8-4, eff. Oct. 1, 1983.

N.J. Stat. § 15A:8-5 Continuation of trust; law against perpetuities inapplicable

The period for which any trust may be created and maintained may be as long as may be desirable for the complete administration of any plan as originally adopted or thereafter amended, and a trust fund shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation or perpetual accumulations of trusts. L.1983, c. 127, s. 15A:8-5, eff. Oct. 1, 1983.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026