N.J. Admin. Code § 17:7-4.5

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:7-4.5 - Participation in the Teachers' Pension and Annuity Fund, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the Group Annuity Plan

(a) Any person participating in the Alternate Benefit Program shall be ineligible for membership in the Teachers' Pension and Annuity Fund, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the Group Annuity Plan and any person electing to participate in the Alternate Benefit Program shall thereby waive all rights and benefits provided by the Teachers' Pension and Annuity Fund, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the Group Annuity Plan as a member of said fund, system, or plan, except as in this chapter and otherwise provided by law or under terms of the Group Annuity Plan.

(b) An eligible employee who is required to participate in the ABP Retirement Plan pursuant to N.J.S.A. 43:3C-9 may not waive participation under this chapter, except as otherwise provided in the Plan. Any person required to participate in the Alternate Benefit Program by reason of employment, who at the time of such employment is a member of the Teachers' Pension and Annuity Fund, shall be permitted to transfer his or her membership in said fund to the Public Employees' Retirement System, by waiving all rights and benefits that would otherwise be provided by the Alternate Benefit Program. Any such new employee who is a member of the Public Employees' Retirement System will be permitted to continue his or her membership in that system, by waiving all rights and benefits that would otherwise be provided by the Alternate Benefit Program. Such waivers shall be accomplished by filing forms satisfactory to the Division within 30 days of the beginning date of employment.

(c) An individual who is participating in the Teachers' Pension and Annuity Fund, the Public Employees' Retirement System, the Police and Firemen's Retirement System, or the Group Annuity Plan and who becomes an adjunct faculty member shall be mandatorily covered in the Alternate Benefit Program under N.J.A.C. 17:7-4.1(b) for purposes of his or her base salary in the adjunct faculty member position.

N.J. Admin. Code § 17:7-4.5