New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 7 - ALTERNATE BENEFIT PROGRAM › Subchapter 4 - INSURANCE, DEATH BENEFITS AND RETIREMENT › Section 17:7-4.6 - Transfers from other programs to the ABP Retirement Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When a member
				of the Teachers' Pension and Annuity Fund, the Public Employees' Retirement
				System, or the Police and Firemen's Retirement System elects to transfer to the
				ABP Retirement Plan by filing the applicable form declaring his or her election
				to participate in such Alternate Benefit Program, the respective retirement
				system shall transfer the amount of his or her accumulated deductions as of the
				date of transfer to his or her individual account in the ABP Retirement
				Plan.
(b) There shall also be
				transferred from the contingent reserve fund or the pension fund of the
				Teachers' Pension and Annuity Fund, the Public Employees' Retirement System,
				the Police and Firemen's Retirement System, or from the Group Annuity Plan to
				the individual's account in the ABP Retirement Plan, the pension reserve
				required as of the date of his or her transfer to provide a pension for each
				year of service credited to the account of the member as set forth in
				18A:66-36 or
				18A:66-44; or as set forth in
				section 38 or 48 of P.L. 1954, c. 84 as such sections have been amended and
				supplemented as of July 1, 1969 (43:15A-38 and
				43:15A-48 ), as set forth in
				section 17 of P.L. 1964, c. 241 (43:16A-11.2 ), or
				section 5 of P.L. 1944, c. 255 (43:16A-5 ); or for
				each year of service credited under the Group Annuity Plan. Such transfer from
				the contingent reserve fund or the pension fund of the Teachers' Pension and
				Annuity Fund, the Public Employees' Retirement System, the Police and Firemen's
				Retirement System, or the Group Annuity Plan shall be made at the time of the
				member's transfer to the ABP Retirement Plan in the case of any such member who
				has then met the eligibility requirements for a pension under
				18A:66-36 or
				18A:66-44; section 38 or 48 of
				P.L. 1954, c. 84 (43:15A-38 or
				43:15A-48 ) , section 17 of P.L.
				1964, c. 241 (43:16A-11.2 ), or section 5 of
				P.L. 1944, c. 255 (43:16A-5 ); or the Group Annuity
				Plan. In the case of any member who elects to participate in the Alternate
				Benefit Program who has not then met the eligibility requirements for a pension
				under 18A:66-36 or
				18A:66-44; section 38 or 48 of
				P.L. 1954, c. 84 (
				43:15A-38 or
				43:15A-48 ) , section 17 of P.L.
				1964, c. 241 (
				43:16A-11.2 ), or section 5 of
				P.L. 1944, c. 255 (43:16A-5 ); or under the Group
				Annuity Plan, the transfer from the contingent reserve fund or the pension fund
				of the Teachers' Pension and Annuity Fund, the Public Employees' Retirement
				System, the Police and Firemen's Retirement System, or the Group Annuity Plan
				shall be effected at the time such requirements have been met, taking into
				account for the purpose of such eligibility requirement his or her years of
				membership service at the time of his or her election and his or her subsequent
				years of service as a full-time member of the faculty of the University of
				Medicine and Dentistry; Rutgers, the State University; the New Jersey Institute
				of Technology; or the State or county colleges or as an eligible employee of
				the Office of the Secretary of Higher Education, or at the time he or she shall
				have 10 years of credit for New Jersey service and becomes physically
				incapacitated for the performance of duty if he or she had been a member of the
				Teachers' Pension and Annuity Fund, the Public Employees' Retirement System, or
				the Police and Firemen's Retirement System as of the date of
				transfer.
(c) The annuity to be
				used in determining the amount of pension is the actuarial equivalent of the
				member's accumulated deductions transferred from the Teachers' Pension and
				Annuity Fund, the Public Employees' Retirement System, or the Police and
				Firemen's Retirement System to the date the member attains 60 years of age, if
				subsequent to the date of election. The amount of pension is that established
				by formula within
				18A:66-44; section 48 of P.L.
				1954, c. 84 as such sections have been amended and supplemented as of July 1,
				1969 (43:15A-48 ); or section 5 of P.L.
				1944, c. 255 (43:16A-5 ); or under the Group
				Annuity Plan, and changes to
				18A:66-44 or section 48 of P.L.
				1954, c. 84 (43:15A-48 ) or section 5 of P.L.
				1944, c. 255 (43:16A-5 ) enacted subsequent to
				this chapter or the Group Annuity Plan shall have no application to the
				provisions of this chapter.
(d) In
				the event that the eligibility requirement under
				18A:66-36 or under section 38 of
				P.L. 1954, c. 84 (43:15A-38 ) or section 17 of P.L.
				1964, c. 241 (43:16A-11.2 ) or under the Group
				Annuity Plan is changed at some future date to permit members to become
				eligible for such benefit prior to the completion of 15 years of service, the
				transfer of the reserve from the contingent reserve fund or the pension fund of
				the Teachers' Pension and Annuity Fund, the Public Employees' Retirement
				System, the Police and Firemen's Retirement System, or from the Group Annuity
				Plan shall be effective as of the date the member who had elected the Alternate
				Benefit Program meets the amended eligibility requirement or the effective date
				of the amendment, whichever is later.
(e) In the event an option is available with
				respect to the distribution of employee and employer contributions between
				fixed and variable annuities under the Alternate Benefit Program, the employee
				shall have the right to determine the percentage distribution of these funds
				subject to any limitations imposed by the designated insurer or
				insurers.
(f) No transfer of
				pension reserves shall be made pursuant to this section where more than two
				consecutive years elapse in which no employer contributions to an Alternate
				Benefit Program are required.