Bill > S2552

This bill makes local government business administrators eligible for membership in the Public Employees' Retirement System (PERS) and provides for the transfer of these administrators from the Defined Contribution Retirement Program to PERS. Specifically, the bill requires eligible business administrators who are currently participating in the Defined Contribution Retirement Program to be enrolled in PERS within 90 days of the bill's effective date. The business administrators will receive service credit in PERS starting from the date of their appointment, and this service credit will be recognized for determining eligibility for employer-paid health care benefits in retirement. The unfunded accrued liability resulting from the transfer of these administrators to PERS will be amortized over a 20-year period.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2022/S2552