Bill Text: NJ S1171 | 2010-2011 | Regular Session | Introduced
Bill Title: Permits public employees to waive enrollment in State-administered pension systems and elect enrollment in Defined Contribution Retirement Program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-02-04 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S1171 Detail]
Download: New_Jersey-2010-S1171-Introduced.html
Sponsored by:
Senator JEFF VAN DREW
District 1 (Cape May, Atlantic and Cumberland)
SYNOPSIS
Permits public employees to waive enrollment in State-administered pension systems and elect enrollment in Defined Contribution Retirement Program.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning public employee enrollment in the Defined Contribution Retirement Program and supplementing P.L.2007, c.92 (C.43:15C-1 et al.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1 a. Notwithstanding any other provision of law to the contrary, a person who commences service in an employment, office or position that makes the person eligible to be a member of the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the State Police Retirement System shall have the option to choose either to be enrolled in the relevant retirement system or enrolled in the Defined Contribution Retirement Program established pursuant to P.L.2007, c.92 (C.43:15C-1 et al.) with regard to that particular employment, office or position by irrevocably waiving all rights and benefits which would otherwise be provided by the relevant retirement system.
b. When a member of the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the State Police Retirement System elects to transfer to the Defined Contribution Retirement Program by filing the proper application form declaring the election to participate in the program, the respective retirement system shall transfer the amount of all of the member's accumulated deductions standing to the credit of the member in the annuity savings fund, plus regular interest, less any outstanding loan, except that no interest shall be payable in the case of a member who has less than three years of membership credit for which the member has made contributions. The interest payable shall be such proportion of the interest determined at the regular rate of 2% per annum bears to the regular rate of interest.
2. This act shall take effect immediately.
STATEMENT
This bill permits a person who commences service in an employment, office or position that makes the person eligible to be a member of the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the State Police Retirement System to choose either to be enrolled in the relevant retirement system or enrolled in the Defined Contribution Retirement Program established pursuant to P.L.2007, c.92 (C.43:15C-1 et al.) with regard to that particular employment, office or position by waiving all rights and benefits which would otherwise be provided by the relevant retirement system.
