New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 2 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › Subchapter 7 - TRANSFERS › Section 17:2-7.1 - Honorable service; interfund transfers; State-administered retirement systems

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The receipt of a public pension or
				retirement benefit is expressly conditioned upon the renderings of honorable
				service by a public officer or employee. If the Board of an employee's former
				system determines that all or a portion of the employee's prior service is
				dishonorable, that portion of prior service deemed dishonorable will not be
				transferable.
(b) Except as noted
				at (a) above, a member is eligible to transfer the former membership in a
				State-administered defined benefit retirement system into the retirement system
				that covers the new eligible employment, if the member has first ended
				employment with the former employer, and has not taken another position subject
				to coverage in the State-administered retirement system of the former account
				which would have the same effective date as the membership in the new
				State-administered retirement system.
1. A
				member desiring to transfer service credit and contributions from one
				State-administered defined benefit retirement system to another must file an
				"Application for Interfund Transfer." This application will void all possible
				claims against the former system when approved and the new membership is
				commenced in the new system.
2. The
				member's accumulated contributions, full interest included, less any
				outstanding loan, shall be transferred to the new membership account of the
				respective member. Any outstanding loan, back deductions, or arrears obligation
				will be scheduled for repayment.
3.
				A statement reflecting the member's status as of the date of transfer shall be
				prepared by the Withdrawal Section of the Division and a copy forwarded to the
				former account.
4. The member's
				service credit established in the former system shall be transferred into the
				new system.
5. The member is not
				eligible to transfer service credit if any of the following conditions apply:
i. The member has withdrawn the former
				membership;
ii. The member has
				credit in the former system for service earned after the date of enrollment in
				the new system (concurrent service) unless the member meets the criteria
				established by
N.J.S.A.
				43:15A-14
.
N.J.S.A.
				43:15A-14
provides that a member of
				the TPAF at the time of enrollment in the PERS may transfer the non-concurrent
				TPAF service if the member ceased to be an active contributing member of the
				TPAF three or less years from the date of enrollment in the PERS. The member
				must apply to transfer this service no more than two years from the date of the
				last contribution to the TPAF, or the member's TPAF account has not expired due
				to the provisions of
N.J.S.A.
				18A:66-8
. A member who transfers
				service under this provision shall receive credit for the salaries earned in
				both the TPAF and PERS during the period of concurrent service; or
iii. The account is inactive; that is, it has
				been more than two years from the date of the last contribution nor has the
				member's account remained active due to the provisions of
				43:15A-8.
6. A data sheet shall be created for the
				member's new account that will indicate an interfund transfer from the member's
				former system and the service credit transferred into the new membership
				account.
7. The member's original
				enrollment date established in the former system shall be transferred into the
				new system.