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Bill > S3025
NJ S3025
NJ S3025Provides service credit for PERS member for former membership in transit retirement program.
summary
Introduced
09/22/2022
09/22/2022
In Committee
09/22/2022
09/22/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 provides service credit for members of the Public Employees' Retirement System (PERS) who were previously members of the Transit Employees' Retirement Program (TERP) of the New Jersey Transit Corporation on or before July 30, 2006. Under the bill, PERS members with prior TERP service will receive one year of PERS service credit for every 3.5 years of TERP service, provided the TERP program transfers the member and employer contributions for those years of service to PERS. This allows PERS members to count their prior TERP service towards PERS retirement benefits, as long as the necessary funds are transferred from TERP.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 09/22/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S3025 |
| BillText | https://pub.njleg.gov/Bills/2022/S3500/3025_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S3500/3025_I1.PDF |
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