Bill
Bill > S2018
NJ S2018
NJ S2018Provides service credit for PERS member for former membership in transit retirement program.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 certain members of the Public Employees' Retirement System (PERS) to receive service credit for their prior membership in the Transit Employees' Retirement Program (TERP) of the New Jersey Transit Corporation, provided they were members of TERP on or before July 30, 2006. Specifically, for every 3.5 years of service credit a member has in TERP, they will receive one year of service credit in PERS, but only if all member and employer contributions from TERP for those years are transferred to PERS. This transfer of funds must comply with state and federal law, and upon completion, no additional contributions will be required from the member or employer for this credited service. The service credit accrued in TERP up to July 30, 2006, will be applied to meet retirement benefit requirements in PERS. However, if a member has already withdrawn their TERP contributions or if the full transfer of funds is not possible for any reason, they will not receive this service credit, nor will it apply if the member already has a vested right to retirement benefits from TERP based on that service.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 01/09/2024)
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/2024/S2018 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2018_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2018_I1.HTM |
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