A3868

Establishes a separate fringe benefit rate for State public higher education institutions and requires employer payment for health care benefits for.

This bill establishes a separate fringe benefit rate for State public higher education institutions, including Rutgers, the State University of New Jersey, the New Jersey Institute of Technology, and State colleges and universities. The rate will reflect the actual cost of employee retirement programs at these institutions. The Director of the Division of Budget and Accounting in the Department of the Treasury will establish this rate beginning with the State fiscal year 2023.