summary
Introduced
02/27/2024
02/27/2024
In Committee
02/27/2024
02/27/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill directs the Division of Budget and Accounting, also known as the Office of Management and Budget, in the Department of the Treasury to establish a fringe benefit rate for public institutions of higher education that reflects the actual cost of employee fringe benefits. The separate fringe rate is to first apply in FY 2025. Currently, the fringe benefit rate used is not specific to employees at the State's public institutions of higher education, but to State employees in general. Many State employees are enrolled in the Public Employees' Retirement System (PERS), while many of the employees employed by State public colleges and universities are enrolled in the less costly Alternative Benefit Plan (ABP) or are not enrolled in a retirement plan. This results in a difference between the actual cost of benefits and the amount paid to the State.
AI Summary
This bill directs the Division of Budget and Accounting in the Department of the Treasury to establish a separate fringe benefit rate for employees at state colleges and universities, reflecting the actual cost of their retirement plans, which are often less expensive than the Public Employees' Retirement System (PERS) used for general state employees. This separate fringe benefit rate would first apply in fiscal year 2025 and be used for all federal, dedicated, and non-state funded programs at these institutions.
Committee Categories
Education
Sponsors (3)
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 02/27/2024)
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/A3874 |
| Fiscal Note - Fiscal Estimate 6/19/24; as introduced | https://pub.njleg.gov/Bills/2024/A4000/3874_E1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A4000/3874_I1.HTM |
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