New Jersey S1603 establishes a separate fringe benefit rate for State colleges and universities.
New Jersey S1603 aims to establish a fringe benefit rate for State colleges and universities that accurately reflects the actual cost of employee retirement programs. Currently, the fringe benefit rate used is not specific to employees at the State’s public institutions of higher education, but to State employees in general. This bill directs the Division of Budget and Accounting to set a separate rate starting in fiscal year 2025, which will be applied to all federal, dedicated, and non-State funded programs.
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