New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 3 - TEACHERS' PENSION AND ANNUITY FUND › Subchapter 7 - TRANSFERS › Section 17:3-7.1 - 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 rendering 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, the Board of the employee's new State-administered retirement
				system shall disallow the transfer of that portion of prior service deemed
				dishonorable for misconduct occurring during the member's prior public
				service.
(b) Except as noted at (a)
				above, a member is eligible to transfer membership from another
				State-administered defined benefit retirement system, provided the membership
				has not expired or has not been withdrawn and provided that all service
				eligible for participation has ceased.
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
				benefits claims in the former system when approved, and the 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 and a copy forwarded to the old account.
4. The member's service credits and
				enrollment date established in the former system shall be transferred into the
				new membership account.
5. The
				member is not eligible to transfer service credit if any of the following
				conditions apply:
i. The member has withdrawn
				the previous membership;
ii. The
				member has credit in the present system for service earned after the date of
				enrollment in the new system (concurrent service) unless the member meets the
				criteria established by 43:15A-14. 43:15A-14 provides that a member of the PERS
				at the time of enrollment in the TPAF may transfer the non-concurrent PERS
				service if the member ceased to be an active contributing member of the PERS
				three or less years from the date of enrollment in the TPAF. The member must
				apply to transfer this service no more than two years from the date of the last
				contribution in the PERS, or the member's PERS account has not expired due to
				the provisions of 43:15A-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 has expired (it has been
				more than two years from the date of the last contribution, and the member is
				not vested, nor has the member's account remained active due to the provisions
				of 18A:66-8).
6. A data
				sheet shall be created for the member's new account that shall indicate an
				interfund transfer from the member's previous retirement system and the service
				credit transferred into the new membership account.