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NJ S2407
Bill
Status
1/13/2026
Primary Sponsor
Anthony M. Bucco
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AI Summary
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Local government business administrators would become eligible for membership in the Public Employees' Retirement System (PERS) rather than being required to participate in the Defined Contribution Retirement Program (DCRP), which has been mandatory for these positions since July 1, 2007.
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Business administrators currently enrolled in DCRP may request transfer to PERS within 90 days of the bill's effective date, provided they meet eligibility requirements.
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Transferring employees may receive PERS service credit for time spent in DCRP by waiving DCRP benefits and transferring those funds to PERS; any shortfall between transferred funds and required PERS contributions must be paid by the employee and/or employer.
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"Business administrator" is defined to include municipal or county administrators/managers, city managers, town managers, village managers, borough managers, township managers, and functional equivalents.
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
1/13/2026