NJ A1815

Requires the Director of the Division of Budget and Accounting in the Department of the Treasury to establish a separate fringe benefit rate specifically for State colleges and universities beginning in fiscal year 2025

The new fringe benefit rate must reflect the actual cost of employee retirement programs at these institutions rather than using the general State employee rate

Applies the separate fringe benefit rate to all federal, dedicated, and non-State funded programs at public higher education institutions

Addresses the current mismatch where State colleges use the general fringe rate based largely on the Public Employees' Retirement System (PERS), while many college employees participate in the less costly Alternative Benefit Plan (ABP) or no retirement plan

Sponsored by Assembly members from Districts 15 (Hunterdon and Mercer) and 29 (Essex and Hudson), with immediate effective date upon enactment