N.J. Admin. Code § 17:3-7.2

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

Section 17:3-7.2 - Intrafund transfers; State-administered retirement systems

(a) Members who leave one public employer and take a position with another public employer covered by the same pension system are immediately eligible to transfer their membership to their new employers, as long as the following conditions are met:

1. The member has not withdrawn their contributions;

2. The account has not expired; that is, it has not been more than two years between the date of the last contribution received from the old employer and the starting date of contributions with the new employer;

3. The account has not been canceled due to Board action. It is the responsibility of the employer to establish the employee's status. For accounts that are withdrawn, expired or canceled, an enrollment application is needed, and the standard enrollment rules are again in effect; and

4. The member is not on a leave of absence from the first employer.

(b) To transfer the member's account to the new employer, the new employer should file a Report of Transfer with the Division within 10 working days of the date employment begins. If more than one year elapses between the date that the member was required to contribute to the retirement system and the date the report of transfer was received by the Division plus an additional two months for administrative processing time, the employer will be assessed a late enrollment employer liability penalty plus delayed appropriation costs.

N.J. Admin. Code § 17:3-7.2

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