N.J. Admin. Code § 17:3-2.7

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:3-2.7 - Enrollment following deferred retirement

(a) For a member enrolled in the retirement system prior to November 2, 2008, who elects a deferred retirement:

1. If the member resumes regular service prior to age 60 and within the two-year period stipulated by 18A:66-7(a) or the longer period provided by 18A:66-8.a, the membership account under which the member elected a deferred retirement shall be continued.

2. If the member resumes regular service prior to age 60, but after the period for continued membership stipulated by 18A:66-7(a) or 8.a has expired, then such member shall be enrolled in the retirement system under a new membership account and shall be subject to such benefits and requirements as shall apply to new members of the retirement system as of the date of such new enrollment.

(b) For a member enrolled in the retirement system on or after November 2, 2008, but prior to June 28, 2011, who elects a deferred retirement:

1. If the member resumes regular service prior to age 62 and within the two-year period stipulated by 18A:66-7(a), or the longer period provided by 18A:66-8, the membership account under which the member elected a deferred retirement shall be continued.

2. If the member resumes regular service prior to age 62, but after the period for continued membership stipulated by 18A:66-7(a) or 8.a has expired, then such member shall be enrolled in the retirement system under a new membership account and shall be subject to such benefits and requirements as shall apply to new members of the retirement system as of the date of such new enrollment.

(c) For a member enrolled in the retirement system on or after June 28, 2011, who elects a deferred retirement:

1. If the member resumes regular service prior to age 65 and within the two-year period stipulated by 18A:66-7(a) or the longer period provided by 18A:66-8.a, the membership account under which a member elected deferred retirement shall be continued.

2. If the member resumes regular service prior to age 65, but after the period for continued membership stipulated by 18A:66-7(a) or 8.a has expired, then such member shall be enrolled in the retirement system under a new membership account and shall be subject to such benefits and requirements as shall apply to new members of the retirement system as of the date of such new enrollment.

(d) In the event that (a)2, (b)2, or (c)2 above applies, the member may elect to transfer all service credit associated with the previously vested membership to the new membership account and such service credit will be subject to the benefits and requirements as shall apply to new members of the retirement system as of the date of such new enrollment. Should the member elect not to transfer the service credit associated with the vested membership to the new membership account, no benefits shall be payable from the previous application for deferred retirement until such time as the member has terminated all TPAF-eligible employment.

N.J. Admin. Code § 17:3-2.7

Amended by 47 N.J.R. 2876(a), effective 11/16/2015