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NJ S3998
Bill
Status
1/14/2025
Primary Sponsor
Linda Greenstein
Click for details
AI Summary
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All current non-retired members of the Teachers' Pension and Annuity Fund (TPAF) would be transferred to "Tier 1" status, receiving the same benefits as members who enrolled before July 1, 2007
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Employees meeting minimum salary requirements but not current minimum work hour eligibility requirements would become eligible for TPAF enrollment, with employers required to process enrollment within 60 days
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Defined Contribution Retirement Program (DCRP) participants would automatically transfer to TPAF with service credit (usable for retirement eligibility but not pension calculation), with a 6-month opt-out window to remain in DCRP
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TPAF members currently receiving long-term disability insurance would become eligible to apply for disability retirement within two calendar years of the bill's enactment
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Changes to early retirement, deferred retirement, service retirement, and maximum base salary would only apply to members who begin processing retirement applications after the bill takes effect
Legislative Description
Provides TPAF members and certain retirees same benefits provided to members enrolled in retirement system before July 1, 2007.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/14/2025