Terms Used In New Jersey Statutes 18A:71C-70

  • Contract: A legal written agreement that becomes binding when signed.
  • Employment: includes employment in a position. See New Jersey Statutes 18A:1-1
  • person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
5. a. A person who meets the eligibility requirements under section 3 of this act and has been selected by the executive director or his designee for participation in the program shall enter into a written contract with the authority. The contract shall specify the dates of required employment by the program participant in a designated high-growth STEM occupation and shall require the program participant to serve at least one year in a designated high-growth STEM occupation.

b. Prior to the annual redemption of loan indebtedness:

(1) the program participant shall submit to the authority certification of full-time employment in a designated high-growth STEM occupation for the full year period; and

(2) the employer of the program participant shall pay the annual matching contribution to the authority in an amount equal to or greater than the $1,000 annual State-funded loan redemption benefit.

c. Upon certification that a program participant has met all criteria for the annual redemption of loan indebtedness under the program, the authority shall combine the employer matching contribution and the State appropriated funds into a single payment to redeem a portion of the participant’s loan.

d. A program participant, as a condition of participation, shall be required to adhere to performance standards established by the executive director or his designee.

e. A program participant shall be eligible for participation in the program for four years, even if the occupation in which the person is employed is no longer a designated high-growth STEM occupation.

L.2018, c.142, s.5.

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