ASSEMBLY, No. 1533

STATE OF NEW JERSEY

INTRODUCED FEBRUARY 15, 1996

By Assemblyman WISNIEWSKI

An Act concerning membership in the Teachers' Pension and Annuity Fund for certain county college administrators and supplementing chapter 66 of Title 18A of the New Jersey Statutes.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. Notwithstanding the provisions of N.J.S.18A:66-4 or any other law or regulation to the contrary, any person with at least 20 years of service credit in the retirement system may remain a member of the retirement system when the person holds an administrative position at a county college covered by another State-administered retirement system, provided that within 90 days following the assumption of such an administrative position the member waives all rights and benefits which would otherwise be provided by the other State-administered retirement system.

    2. Any person with at least 20 years of service credit in the retirement system who, on the effective date of this act, holds an administrative position at a county college and is enrolled as a member of the Public Employees' Retirement System may reenroll in the retirement system and may transfer any service credit in the other system to the Teachers' Pension and Annuity Fund, provided that application for the reenrollment is made within 90 days following the effective date of this act and that the member waives all rights and benefits which would otherwise be provided by the Public Employees' Retirement System.

    The Public Employees' Retirement System shall remit to the Teachers' Pension and Annuity Fund, within 120 days following the effective date of any transfer pursuant to this act, all accumulated deductions standing to the credit of the reenrolled employee and, within 180 days following that effective date, the pro rata part of the reserve fund constituting the employer's obligations under the former system applicable to the employee's account. The Teachers' Pension and Annuity Fund shall enter the respective sums so remitted to it to the credit of the employee in the annuity savings fund and to the credit of the employer in the pension accumulation fund.

    The reenrolled member shall have the same obligations, rights and benefits as other members of the Teachers' Pension and Annuity Fund. Deductions from the member's salaries and contributions on the member's behalf shall be made as required by the Teachers' Pension and Annuity Fund and shall be the same as deductions and contributions payable by or for other members of the retirement system. Any credit for public service which had been established in the Public Employees' Retirement System by the reenrolled member shall be established in the Teachers' Pension and Annuity Fund.

    3. This act shall take effect immediately.

STATEMENT

    This bill provides that any person with at least 20 years of service credit in the Teachers' Pension and Annuity Fund (TPAF) may remain a member of TPAF when the person holds an administrative position at a county college covered by another State-administered retirement system. The bill also provides that any person with at least 20 years of TPAF service credit currently holding an administrative position at a county college and a member of the Public Employees' Retirement System (PERS) may, within 90 days of the effective date of the act, reenroll in TPAF and transfer any PERS service credit to TPAF.

Permits TPAF coverage for county college administrators with 20 years TPAF service credit.