Pensions & Benefits Retirement System(PERS) Member Guidebook
SP-0333-0321Pensions & BenefitsPublic Employees’Retirement System(PERS)Member Guidebook
Public Employee’s Retirement SystemTABLE OF CONTENTSSupplementing your Pension. . . . . . . . . . . . . . . . 23PERS General Information. . . . . . . . . . . . . . . . . . . 3Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Retirements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25The Retirement System. . . . . . . . . . . . . . . . . . . . 4Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Contacting the New Jersey Division ofPensions & Benefits (NJDPB) . . . . . . . . . . . . . . . 4Types of Retirement. . . . . . . . . . . . . . . . . . . . . . 26Plan Information. . . . . . . . . . . . . . . . . . . . . . . . . . 5The Retirement Process . . . . . . . . . . . . . . . . . . 31Eligibility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Reduction or Suspension of Your Benefits. . . . . 35Membership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Employment After Retirement . . . . . . . . . . . . . . 36Part-time Crossing Guards. . . . . . . . . . . . . . . . . . 8Active and Retired Death Benefits. . . . . . . . . . . . 37Elected or Appointed Officials . . . . . . . . . . . . . . . 8Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Enrollments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Choosing a Beneficiary . . . . . . . . . . . . . . . . . . . 39Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Payment of Group Life Insurance. . . . . . . . . . . . 39Multiple and Dual Membership. . . . . . . . . . . . . . 11Group Life Insurance andLeave of Absence. . . . . . . . . . . . . . . . . . . . . . . . 39Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Service Credit . . . . . . . . . . . . . . . . . . . . . . . . . . 13Vesting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Purchasing Service Credit. . . . . . . . . . . . . . . . . . 14Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Types of Service Eligible for Purchase. . . . . . . . 15Important Purchase Notes. . . . . . . . . . . . . . . . . 16Cost and Procedures forPurchasing Service Credit. . . . . . . . . . . . . . . . . 16Applying to Purchase Service Credit. . . . . . . . . 17Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Applying for a Loan . . . . . . . . . . . . . . . . . . . . . . 21Optional Settlements at Retirement. . . . . . . . . . 30Taxation of Group LifeInsurance Premiums . . . . . . . . . . . . . . . . . . . . . 40Waiving Noncontributory GroupLife Insurance over 50,000. . . . . . . . . . . . . . . . 40Conversion of Group Life Insurance. . . . . . . . . . 41Accidental Death Benefit. . . . . . . . . . . . . . . . . . 41Withdrawal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Withdrawing Contributions. . . . . . . . . . . . . . . . . 45Workers’ Compensation. . . . . . . . . . . . . . . . . . . 45Appeals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Internal Revenue Service (IRS)Requirements. . . . . . . . . . . . . . . . . . . . . . . . . . . 21PERS Member GuidebookMarch 2021Page 2
PERS GeneralInformation
Public Employee’s Retirement SystemFOREWORDThe New Jersey Public Employees’ Retirement System (PERS) Member Guidebook provides a summarydescription of the benefits of the plan and outlines therules and regulations governing the plan. The PERSMember Guidebook should provide you with all the information you need about your PERS benefits. However, if there is a conflict with statutes governing theplan or regulations implementing the statutes, thestatutes and regulations will take precedence. Complete terms governing any employee benefit programare set forth in the New Jersey Statutes Annotated.Regulations, new or amended, are published in theNew Jersey Register by the State Office of Administrative Law supplementing the New Jersey Administrative Code. This guidebook, containing currentupdates, is available for viewing on our website at:www.nj.gov/treasury/pensions While at the New Jersey Division of Pensions & Benefits (NJDPB) website,be sure to check for PERS-related forms, fact sheets,and news affecting the PERS.Addenda guidebooks have been created for the LawEnforcement Officers, Legislative Retirement System,Prosecutors Part, and Workers’ Compensation JudgesPart, which are components of the PERS, but have significantly different benefits. The addenda are availablefor viewing on our website.The purpose of this guidebook is to provide you withinformation about the retirement system to assist youin making decisions concerning you and your family’sfuture. If you have questions concerning your retirement system benefits, please see the “Contacting theState of New Jersey Division of Pensions & Benefits(NJDPB)” section.Since this is your guidebook, we would appreciate anycomments or suggestions for improvement that youmight have. Please send them to the address listedbelow:PERS Member GuidebookNew Jersey Division of Pensions & BenefitsATTN: Office of CommunicationsP.O. Box 295Trenton, NJ 08625-0295THE RETIREMENT SYSTEMThe State of New Jersey established the PERS in 1955to replace the former State Employees’ RetirementSystem. The NJDPB is assigned all administrativefunctions of the retirement system except for investment.The PERS Board of Trustees has the responsibilityfor the proper operation of the retirement system. TheBoard consists of: Six employee representatives; The State Treasurer; and Two individuals appointed by the Governor.The Board meets once per month. A PERS memberwho wishes to be a candidate upon a vacancy for thePERS Board of Trustees must be nominated by petitions bearing the signatures of 500 active members.Nominating petition forms, along with instructionsfor filing, are available upon written request to theNew Jersey Division of Pensions & Benefits, Secretaryof the PERS Board of Trustees, P.O. Box 295, Trenton,NJ 08625-0295.CONTACTING THE NEW JERSEYDIVISION OF PENSIONS & BENEFITS (NJDPB)Member Benefits Online SystemThe Member Benefits Online System (MBOS) allowsregistered PERS members access to their pensionand, if applicable, health benefits account informationonline. Resources available through MBOS include:member account information; beneficiary designation;pension loan; purchase of service credit; withdrawalapplication; and retirement applications. If applicable,account information for the New Jersey State Employees’ Deferred Compensation Plan (NJSEDCP), Supplemental Annuity Collective Trust (SACT), and StateHealth Benefits Program (SHBP) or School Employees’Health Benefits Program (SEHBP) is also available.Retirees may use MBOS to: view retirement accountinformation; update an address; change direct depositinformation; change a beneficiary designation; or update federal and/or New Jersey State income tax withholding.Before you can begin using MBOS, you must be registered with MBOS and the MyNewJersey website.Registration information can be found on the NJDPBwebsite.If you need assistance registering for MBOS, callthe MBOS Help Line at (609) 292-7524 or sendan email with the subject line “MBOS Email” to:pensions.nj@treas.nj.govTelephone Numbers For computerized information about your individual pension account 24 hours a day, seven daysa week, call our Automated Information System at(609) 292-7524. With Interactive Voice Responseand added services, all you need is your SocialSecurity number and membership number to hearpersonalized benefits information on purchases,retirement benefits, and withdrawal. To speak with a representative about your PERSaccount or health benefits account, call (609) 2927524 weekdays between 7:00 a.m. and 4:30 p.m.(except State holidays); hours are extended until6:45 p.m. on Thursdays. If you require the servicesof a relay operator please dial 711 and provide theoperator with the following phone number, (609)292-6683. You will then be connected to a ClientServices phone representative for assistance. To speak with a plan representative about theMarch 2021Page 4
Public Employee’s Retirement SystemNJSEDCP, also known as Deferred Comp, callPrudential at 1-866-NJSEDCP (1-866-657-3327)weekdays between 8:00 a.m. and 9:00 p.m. (except State holidays). A plan representative will answer your questions and provide enrollment anddistribution forms. To speak with a plan representative about theSACT, call (609) 292-7524 weekdays between7:00 a.m. and 4:30 p.m. (except State holidays).SACT representatives will answer your questionsand provide enrollment and distribution forms.Internet, Email, and Mailing AddressGeneral information and most publications of theNJDPB can be found on the NJDPB website. You canemail the NJDPB at: pensions.nj@treas.nj.govOur postal address is:New Jersey Division of Pensions & BenefitsP.O. Box 295Trenton, NJ 08625-0295On all correspondence, be sure to include your membership number or the last four digits of your Social Security number.Counseling ServicesPLAN INFORMATIONPlan YearName of PlanFor record-keeping purposes, the plan year is July 1through June 30.The Public Employees’ Retirement System of New Jersey (PERS)AdministrationThe PERS is a defined benefit plan administered by theNew Jersey Division of Pensions & Benefits (NJDPB).Provisions of LawThe PERS was established by New Jersey Statute andcan be found in the New Jersey Statutes Annotated,Title 43, Chapter 15A. Changes in the law can only bemade by an act of the State Legislature. Rules governing the operation and administration of the system maybe found in Title 17, Chapters 1 and 2 of the New JerseyAdministrative Code.FundingThe funds used to pay benefits come from three sources: employer contributions, employee contributions,and investment income from those contributions. Allcontributions not required for current operations are invested by the State Division of Investment.The NJDPB offers counseling services to members ofthe retirement systems and benefit programs. Counselors are available by appointment Monday throughFriday, 8:00 a.m. to 4:00 p.m., with the last interviewstaken at 3:30 p.m. Walk-in counseling services are alsoavailable on a first come, first served basis; however,clients with scheduled appointments will be seen first.Therefore, it is recommended you make an appointment. Appointments can be made on our website.Page 5March 2021Service of Legal ProcessLegal process must be served on the Attorney Generalof New Jersey pursuant to New Jersey Court Rules, R.4:4-4(7).Employment Rights Not ImpliedMembership in the PERS does not give you the right tobe retained in the employ of a participating employer,nor does it give you a right of claim to any benefit youhave not accrued under terms of the system.Benefits and provisions of the PERS are subjectto changes by the legislature, courts, and otherofficials. While this guidebook outlines the benefit and contribution schedules of the PERS, it isnot a final statement. Complete terms governing any employee benefit program are set forthin the New Jersey Statutes Annotated. Regulations, new or amended, are published in theNew Jersey Register by the State Office of Administrative Law supplementing the New JerseyAdministrative Code.PERS Member Guidebook
Eligibility
Public Employee’s Retirement SystemMEMBERSHIPEligibility rules and regulations are described in generalterms in this guidebook and may not cover all situations. If you have been a public employee for severalyears, you should be aware that the present rules andregulations governing enrollment in the retirement system differ from past rules and regulations. If you havespecific questions concerning your date of enrollmentor membership status, you may wish to contact theNJDPB for additional information.PERS Special Employee GroupsThe information contained in this guidebook appliesto the majority of the members enrolled in the PERS.However, certain members of the PERS qualify for enrollment into special employee groups: Law Enforcement Officers (LEO); Prosecutors Part of the PERS (closed to newmembers May 22, 2010); State Legislative Retirement System (LRS) of thePERS (closed to new members July 1, 2007); and Workers’ Compensation Judges (WCJ) Part of thePERS (closed to new members July 1, 2007).Members of these special employee groups should refer to the PERS Guidebook Addendum specific to theiremployee group for exceptions to the regular PERSrules and benefits. These exceptions are also notedunder the section headings in this guidebook.PERS Membership TiersPERS members are categorized by specific membership tiers based on enrollment date. Membership tiersaffect a member’s enrollment and retirement eligibility.These membership tiers, pursuant to N.J.S.A. 43:1A-7are defined as follows: Membership Tier 1 — Members enrolled prior toJuly 1, 2007, and who have a minimum pensionable salary of 1,500. Membership Tier 2 — Members enrolled on orafter July 1, 2007, and prior to November 2, 2008,and who have a minimum pensionable salary of 1,500. Membership Tier 3 — Members enrolled on orafter November 2, 2008, and on or before May 21,2010, and who meet or exceed the minimum pensionable salary set for the current year, subject tofuture adjustment. Membership Tier 4 — Members enrolled afterMay 21, 2010, and prior to June 28, 2011, and whowork the minimum number of hours per week (fixedhours of 35 hours for State employees or 32 hoursfor local government, local education, or State education employees), with no minimum pensionablesalary requirement. Membership Tier 5 — Members enrolled on orafter June 28, 2011, and who work the minimumnumber of hours per week (fixed hours of 35 hoursfor State employees or 32 hours for local government, local education, or State education employees), with no minimum pensionable salary requirement.Unless otherwise indicated by membership tier — withthe exceptions noted above for LEO, LRS, ProsecutorsPart, and WCJ Part members — the benefits listed inthis guidebook are the same for all PERS members.Eligibility CriteriaMembership in the retirement system is generally required as a condition of employment for most employees of the State, or any county, municipality, schooldistrict, or public agency. You are employed on a regular basis in a positioncovered by Social Security; and You are not required to be a member of any otherState or local government retirement system onthe basis of the same position;or if: You are receiving a monthly retirement allowancefrom the PERS and you work more than the minimum number of hours per week required for PERSTier 5 enrollment.Note: See the Employment After Retirement Restrictions Fact Sheet about federal tax implications if retiredand returning to public employment.Although most employees are required to enroll in theretirement system when hired, in some instances youmay not qualify for enrollment in the system until up toone year from your date of employment. For example,if you are hired as a temporary or provisional employeeby an employer covered by Civil Service, you would notbe eligible for enrollment until the beginning of the 13thmonth of continuous employment or the date of regularappointment, whichever comes first.Factors for IneligibilityYou cannot join the PERS if: You are a provisional or temporary employee covered by Civil Service with less than 12 months ofcontinuous service. You do not meet the minimum salary requirementsfor Tier 1, 2, or 3 membership or the minimumhourly requirements for Tier 4 or 5 membership. Your position is not covered by Social Security. You are a seasonal employee (defined as occasionally working in a position that does not leadto permanent employment, and does not extendYou are required to enroll in the PERS if:Page 7March 2021PERS Member Guidebook
Public Employee’s Retirement Systembeyond six consecutive months for employing locations that report on a 12-month basis, or fivemonths for employing locations that report on a10-month basis). Enrollment was optional if the part-time crossingguard was receiving periodic retirement benefitsfrom the federal government (whether military, civilian, or Social Security benefits). You are a retired PERS member, with a bona fideretirement, who returns to public employment on apart-time basis. A crossing guard who had previously retired fromany public retirement system in New Jersey, other than the PERS, was ineligible for enrollment,though he or she could still be employed in thecrossing guard position. You are a PERS disability retiree who has beenapproved to return to PERS-covered employment,but do not earn the minimum annual salary for enrollment under your original PERS membershiptier. If a crossing guard was retired from the PERS, andearned more than 15,000 total from PERS employment, then enrollment was mandatory. You are retired and receiving a monthly retirementallowance from another public retirement systemin New Jersey.If you had the option and chose to join the retirementsystem, you cannot withdraw your funds until you endyour employment. You received a lump-sum retirement distributionfrom the Alternate Benefit Program (ABP) or Defined Contribution Retirement Program (DCRP),regardless of distribution amount.ELECTED OR APPOINTED OFFICIALS You are employed under a Professional ServicesContract. You are a newly elected State or local official (seesection to follow). You are a newly appointed State or local officialand do not have an existing PERS account (seebelow).If you are in doubt about the eligibility of a position,have your employer contact the NJDPB.PART-TIME CROSSING GUARDSPart-time crossing guards hired after May 21, 2010, areineligible for enrollment in the PERS, as they do notwork the minimum number of hours per week requiredfor Tier 4 or 5 membership. Prior to May 21, 2010, enrollment of part-time crossing guards depended on several factors:PERS Member GuidebookState or local officials who are newly elected and takeoffice on or after July 1, 2007, are ineligible for enrollment in the PERS. Elected officials may be eligible forenrollment in the DCRP.Prior to July 1, 2007, elected officials who qualified asveterans were required to enroll in the PERS and enrollment was optional for non-veteran elected officials.These members may continue to receive PERS servicecredit while serving continuously in the same electedoffice. If, however, an individual is elected to a differentelected office, PERS membership will end and the newly elected official may only be eligible for membershipin the DCRP. See the “Defined Contribution RetirementPr
Members of these special employee groups should re-fer to the PERSGuidebook Addendum specific to their employee group for exceptions to the regular PERS rules and benefits . These exceptions are also noted under the section headings in this guidebook . PERS Membership Tiers PERS members are categorized by specific member-
2 New Jersey Division of Pensions and Benefits Programs administered by the NEW JERSEY DIVISION OF PENSIONS AND BENEFITS PERS Public Employees' Retirement System TPAF Teachers' Pension and Annuity Fund PFRS Police and Firemen's Retirement System SPRS State Police Retirement System JRS Judicial Retirement System DCR
Executive summary Pensions dashboards will allow consumers to see their pensions in one secure place online. Legislation and rules will introduce a legal requirement on pension providers to connect into the pensions dashboards ecosystem and make pensions
The Oregon Public Employees Retirement System (PERS) serves the people of Oregon by administering public employee benefit trusts to pay the right person, the right benefit, at the right time. The 2020 edition of PERS by the Numbers shares the latest facts and figures about the administration of PERS. Where possible, figures are
Retirement Age 18,240/yr. 1 for every 2 The Year Full Retirement Age is Reached 48,600/yr. before month of full retirement age 1 for every 3 Month of Full Retirement Age and Above No Limit No Limit. Note: If some of your retirement benefits are withheld because of your earnings, your benefits will be increased starting at your full retirement
1 RN Retiree Guide 1/2018. Retiree Benefits . Which Plans Continue During My Retirement? One of the factors to consider when you are thinking about retirement is post-retirement benefits. Here is an overview of your benefits and which coverages can continue into retirement. Medical . Your Montefiore medical benefits stop when you retire.
Number Employer Name PERS GS Normal Cost PERS P&F Normal Cost OPSRP GS Normal Cost OPSRP P&F Normal Cost PERS UAL (ALL) OPSRP UAL (ALL) Total Side Accounts PERS July, 1 2019 Contribution Rates PENSION COST DETAIL PENSION TOTALS HEALTHCARE COST DETAIL HEALTHCARE TOTAL EDX RATES DISPLAYED EDX RATES ACTUAL*
Keys to Retirement Planning — the Details 1 Retirement planning and investing for retirement are important — no matter which retirement plan you choose. Your FRS retirement plan by itself cannot provide enough for a comfortable retirement. Everyone needs to learn about saving and investing to help close the gap.
the first 7 d (ASTM C 1702 (7)), semi-adiabatic calorimetry for 3 d (10), compressive strength (ASTM C 109 mortar cubes (7)), and autogenous deformation (ASTM C 1698 corrugated tubes (7)). Compressive strengths were assessed at the ages of 1 d, 7 d, 28 d, 56 d, 182 d, and 365 d on cubes that were demolded after 1 d and subsequently stored in water saturated with calcium hydroxide. Autogenous .
