New Jersey A4054 mandates the transfer of certain Defined Contribution Retirement Program participants to the Public Employees’ Retirement System.

New Jersey A4054 requires the transfer of certain participants of the Defined Contribution Retirement Program (DCRP) to the Public Employees’ Retirement System (PERS). The bill mandates that employees of school districts or boards of education hired on or after the effective date of this bill and earning more than the minimum salary requirements will be enrolled in the PERS within 180 days. The actuary for the PERS will determine the unfunded accrued liability resulting from the transfer, which the State will fund.

New Jersey A4054 mandates the transfer of certain Defined Contribution Retirement Program participants to the Public Employees’ Retirement System.

New Jersey A4054 requires the transfer of certain participants of the Defined Contribution Retirement Program (DCRP) to the Public Employees’ Retirement System (PERS). The bill mandates that employees of school districts or boards of education hired on or after the effective date of this bill and earning more than the minimum salary requirements will be enrolled in the PERS within 180 days. The actuary for the PERS will determine the unfunded accrued liability resulting from the transfer, which the State will fund.