Provides service credit for PERS member for former membership in transit retirement program.

This bill allows members of the Public Employees’ Retirement System (PERS) who were part of the Transit Employees’ Retirement Program (TERP) of the New Jersey Transit Corporation before July 30, 2006, to receive credit for their service in TERP when calculating their retirement benefits in PERS. Specifically, each 3.5 years of credited service in TERP will count as one year of service in PERS. This credit applies if the TERP contributions are transferred to PERS, and no additional contributions are required for the credited service.

Provides service credit for PERS member for former membership in transit retirement program.

This bill allows members of the Public Employees’ Retirement System (PERS) who were part of the Transit Employees’ Retirement Program (TERP) of the New Jersey Transit Corporation before July 30, 2006, to receive credit for their service in TERP when calculating their retirement benefits in PERS. Specifically, each 3.5 years of credited service in TERP will count as one year of service in PERS. This credit applies if the TERP contributions are transferred to PERS, and no additional contributions are required for the credited service.