N.J. Admin. Code § 17:2-7.2

Current through Register Vol. 56, No. 16, August 19, 2024

Section 17:2-7.2 - Intrafund transfers; State-administered retirement systems

(a) Members who leave one public employer and take a position with another public employer covered by the same pension system are immediately eligible to transfer their membership to their new employers, as long as the following conditions are met:

1. The member has not withdrawn their contributions;

2. The account has not expired; that is, it has not been more than two years since the date of the last contribution or the member's account has remained active due to the provisions of N.J.S.A. 43:15A-7.e and 8; and

3. The account has not been canceled due to Board action. It is the responsibility of the employer to establish the employee's status. For accounts that are withdrawn, expired, or canceled, an enrollment application is needed, and the standard enrollment rules are again in effect.

(b) To transfer the member's account to the new employer, the new employer should file a Report of Transfer with the Division within 10 working days of the date employment begins. If more than one year elapses between the date that the member was required to contribute to the retirement system and the date contributions were first certified, the employer shall be assessed a late enrollment employer liability penalty plus delayed appropriation costs.

N.J. Admin. Code § 17:2-7.2

Amended by 50 N.J.R. 646(a), effective 1/16/2018