New Jersey S2018 provides service credit for PERS members who were in the Transit Employees’ Retirement Program before July 30, 2006.
New Jersey S2018 amends the Public Employees’ Retirement System (PERS) to credit members with service time from the Transit Employees’ Retirement Program (TERP) of the New Jersey Transit Corporation. Specifically, if a member was in TERP on or before July 30, 2006, they will receive one year of service credit in PERS for every 3.5 years of service in TERP, provided the member and employer contributions are transferred to PERS. This credit applies if the member transfers into PERS and the TERP contributions are fully transferred, including interest and employer contributions.
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