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Bill > A2840
NJ A2840
NJ A2840Provides 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 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. The bill states that these PERS members will be credited with one year of service, or part thereof, in PERS for each 3.5 years, or part thereof, of service credit in TERP, if the member and employer contributions are transferred from TERP into PERS. This allows the PERS members to receive credit for their prior TERP service towards PERS benefits, as long as the necessary funds are transferred from TERP.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly State and Local Government 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/A2840 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2840_I1.HTM |
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