Bill
Bill > A5589
NJ A5589
NJ A5589Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
summary
Introduced
06/08/2023
06/08/2023
In Committee
06/08/2023
06/08/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
AI Summary
This bill makes local government business administrators eligible for membership in the Public Employees' Retirement System (PERS) and provides for the transfer of their existing retirement accounts from the Defined Contribution Retirement Program to PERS. The bill requires 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, and they will be given service credit in PERS starting from their original appointment date. The bill also stipulates that the unfunded accrued liability resulting from the transfer of these business administrators to PERS will be amortized over a 20-year period.
Committee Categories
Government Affairs
Sponsors (4)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 06/08/2023)
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/A5589 |
| BillText | https://pub.njleg.gov/Bills/2022/A9999/5589_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5589_I1.HTM |
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