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 See NEW Investment Guidelines (NJ Assembly Bill 2760), passed in both NJ Assembly and NJ Senate 12-15-03, and became NJ law when signed by NJ Governor on 01-09-2004. (Click Here for copy of NJ Assembly Bill 2760. Note: You will need Adobe Reader to view this document.) 
Starting 1-1-01, permit holders may elect to file their annual statement/report on a fiscal year basis, if permission is granted by the NJ Insurance Commissioner. Approval must be requested in writing, and if granted, would file a short year report from 1-01-01 to their fiscal year ending date and then on a fiscal year from that point on. [See N.J.A.C. 11:4-8.6(a)].
Permit holders using appropriate software (including but not limited to PGCalc and Crescendo), and having the technical expertise to calculate the required reserves, will no longer be required to submit a statement by an actuary as to the accuracy of the reserves. The entity shall submit to the NJ Insurance Department a certification from an officer stating the software being used and the person responsible for calculating the reserves and their qualifications.
Charitable Gift Annuities regulated by State Code Section 17B:17-13.1
Permit issued/regulated by State Insurance Department.
Board resolution is required.
Annual filing is required. Charity's calendar year fund activity report due by April 30, and 120 days after close of fiscal year, if filing report for charity's fiscal year.
Investment limitations. New Guidelines (New Law: 12-15-03, effective when signed by NJ Governor ).
Reserve required. Rules apply to reserves for all states.
Charity must be in continuous operation for 10 years before it can issue a gift annuity agreement.
Federal law (Public Law 104-62) also requires charity to supply a Gift Annuity Disclosure Statement to all annuitants in the Fund and to all prospective donors prior to making their first annuity gift.
The state has mandated that with gifts issued on or after January 1, 2001, the Annuity 2000 Table must be used to calculate the Required Reserve for your State of NJ Required Reserve Report. Prior to that date, you use the 1983a Mortality Table.
The Forms for filing for a Permit and Annual Report forms can be downloaded and printed out from this site ... http://www.njdobi.org/charitableann.htm
This page last updated February 19, 2004.
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Click here to see the Master Set of 6 Gift Annuity Agreements (offered by Planned Giving Resources, Inc.) that will work in all 50 states (with the addition of the "Extra Wording" state specific "disclosure language" that is now required by 30 states.)
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