Loading chat...
NJ S2013
Bill
Status
1/9/2024
Primary Sponsor
Vin Gopal
Click for details
AI Summary
-
Local government business administrators (including municipal/county administrators, city/town managers, and equivalent positions) would become eligible for membership in the Public Employees' Retirement System (PERS) instead of the Defined Contribution Retirement Program (DCRP)
-
Current business administrators in the DCRP must be enrolled in PERS within 90 days of the bill's effective date if they meet eligibility requirements, with written notification required within 15 days
-
Transferred employees receive PERS service credit dating back to their original appointment as business administrator, and this credit counts toward eligibility for employer-paid retiree health benefits
-
Membership tier for transferred employees is determined by their DCRP participation date or original PERS enrollment date, whichever is earlier
-
The unfunded accrued liability resulting from these transfers will be calculated by the PERS actuary and amortized over 20 years, with DCRP account values transferred directly to PERS
Legislative Description
Makes local government business administrators eligible for membership in PERS; provides for transfer from Defined Contribution Retirement Program to PERS.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/9/2024