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Bill > A4687

NJ A4687

NJ A4687
Provides service credit for PERS member for former membership in transit retirement program.

summary

Introduced
09/21/2020
In Committee
06/28/2021
Crossed Over
06/24/2021
Passed
Dead
01/11/2022

Introduced Session

2020-2021 Regular Session

Bill Summary

Under this bill, a member of the Public Employees' Retirement System (PERS) who was a member, on or before July 30, 2006, of the Transit Employees' Retirement Program (TERP) of the New Jersey Transit Corporation would be credited with one year of service, or part thereof, in the PERS for each 3.5 years, or part thereof, of service credit in the TERP if the member and employer contributions are transferred from that program into the retirement system for those years of credited service.

AI Summary

This bill allows a member of the Public Employees' Retirement System (PERS) who was previously a member of the Transit Employees' Retirement Program (TERP) of the New Jersey Transit Corporation on or before July 30, 2006 to receive one year of service credit in PERS for every 3.5 years of service credit in TERP, provided the member and employer contributions are transferred from TERP to PERS. This allows PERS members to receive credit for their prior service in the TERP program, which would count towards their PERS retirement benefits. The bill takes effect immediately.

Committee Categories

Budget and Finance, Government Affairs

Sponsors (3)

Last Action

Transferred to Senate Budget and Appropriations Committee (on 12/09/2021)
(1 Companion Bills)

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