Establishes a separate fringe benefit rate for State colleges and universities in New Jersey.
The bill mandates the Director of the Division of Budget and Accounting in the Department of the Treasury to set a distinct fringe benefit rate for State colleges and universities starting from fiscal year 2025. This rate will reflect the actual cost of employee retirement programs at these institutions and will apply to all federal, dedicated, and non-State funded programs. The current fringe benefit rate is not specific to employees at public higher education institutions, leading to discrepancies in benefit costs.
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