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NJ S848
Bill
Status
1/9/2024
Primary Sponsor
Anthony M. Bucco
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AI Summary
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Local government business administrators (including municipal/county administrators, city/town/village/borough/township managers, and functional equivalents) would become eligible for membership in the Public Employees' Retirement System (PERS) instead of being required to participate in the Defined Contribution Retirement Program (DCRP) as mandated since July 1, 2007
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Current business administrators participating in DCRP may request enrollment in PERS within 90 days of the bill's effective date, provided they meet PERS eligibility requirements
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Business administrators who transfer to PERS may elect to receive service credit for time spent in DCRP by waiving all DCRP rights and benefits, with funds transferred between the programs
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If transferred funds are insufficient to provide full PERS service credit, the employee and employer are liable for the difference; if the employer declines to pay, the employee must cover the employer's portion to receive full credit
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The retirement system must notify all eligible employees of enrollment availability within 15 days of the bill's effective date
Legislative Description
Makes local government business administrators eligible for memberships in PERS; provides for transfer of business administrators from participation in Defined Contribution Retirement Program to membership in 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