DOCUMENTS FOR NJ DIVISION OF PENSIONS & DCRP WORKSHOPS (9/23 & 9/30/2014)
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1 DOCUMENTS FOR NJ DIVISION OF PENSIONS & DCRP WORKSHOPS (9/23 & 9/30/2014) Information for Employers Division of Pensions and Benefits ' 1 Electronic Correspondence to the Division of Pensions and Benefits : 2-3 Fact Sheets by Number Fact Sheet 79 - Defined Contribution Retirement Program (DCRP) 7-11 Fact Sheet 80- Defined Contribution Retirement Program for Elected and Appointed Officials.' Fact Sheet 82 - Defined Contribution Retirement Program if Ineligible for PERS OrTPAF, Certifying Officer Letters 2014.' 23 C.O. Letter 9/11/2014-Renewal Required for Annual Membership Certification C.O. Letter 8/22/2014- Compliance with IRS Code- Bona Fide Severance of Employment - post-retirement employment restrictions For individuals covered by any NJ State-Administered Retirement System PERS and TPAF Salary or Hours Requirement for Enrollment by Membership Tiers On-call Employees Long Term Substitutes (Permanent) and Replacement Teachers 36
2 .y/ w W w Governor Chris Christie Lt.Governor Kim Guadagno State of New Jersey. Department: of the Treasury Division of Pensions aad. Benefits Search Pensions 63 NJ Home } Services A to Z Departments/Agencies FAQs Select Language T Disclaimer INFORMATION FOR EMPLOYERS QUICK LINKS FOR EMPLOYERS * Certifying Officer Letters and Messages ONLY for SHBP/SEHBP * Forms and Publications Participating Locations that Offer a Private Pharmacy Benefits Manager * Employer Training Health Benefit Information for Pian Year INFORMATION FOR EMPLOYERS AND EMPLOYEES 2014 *.Enrollment-andTransfers «Chapter 5'2, P.L * Purchase Of Service Credit Annual Menibershfp Certification * Pension Loans * Retirement Info 1 Retirement Workshops J^nrollment/Transfer form update^ Training Information About Chapter 52 Online Guide to Retirement PERS, TPAF or PFRS \t Estimates «Retirement Employer Training Application Classes - Dates available for 2014 * Personal Benefit Statements * Group Life Insurance and Beneficiary Information * Withdrawals *. * Health Benefit Programs Iinformatiioffi by Retirement System PERS I TPAF PFRS ABP DCRP SPRS f 3RS j Closed Funds Supplemental Retirement and Tax Saving Programs N3SBDCP [ SACT ACTS \e CommLiberTax$ave Long Term Care Program.VE5P. EMPLOYER NEWS AND UPDATES Notice of Health Insurance Marketplace Coverage Options under the Affordable Care Act - for State Employers and.local Government and Education Employers * Updated Forms for Enrollment and Transfers Find out more! «Professional Services Contracts and Review of PERS Enrollment - Certifying Officer Letter. Fact- Sheer., and Checklist: e Employer Billing for PERS and PFRS ONLINE SERVICES Log on to MROS or FPTH Leam About EPIC-For Employers Register for Employer Training How Do I... Get employee account Information online? Help employees use MROS7 Get: forms and publications?» Get health benefits information? Get information on benefits for Civil Unions or Domestic Partners? -Get a Personal Benefit Statement? Find out when the Boards of Trustees meet? Find out about the Pension Planning Other Resources _Re e gt Leg Is la tig n Rule Changes J Boards and Commissions Other Benefit * Chapter 78, P.L, Pension ancj Health Benefit Reform Last update: May 30,2014 RULES & AUTHORITY Gnnfacl 13s Privacy Noftce I Legal Statement (Accessibiliiy Statement j Pensions and Benefits^ Home \r Manual Health Benefits Forms and Publications Counseling Appointments Treasury: Home [ Services J People Businesses Divisions/Agencies ] Forms Contact Us Statewide,1 NJ Home J Services A to Z \s J FAQs Copyright State of New Jersey, Thfe site Is maintained by the Division of Pensions and Benefits. 000
3 r -.L/UJJctL LUJDIJLL UJL UUO JULCddUL^ - JL/JLYI&JLUI1 UJL T CUJbJLUUd,// w W YY.6laus.JUj. State of New Jersey Department of the Treasury Division of Pensions and Benefits PO Box 295 Trenton, NJ The Division of Pensions and Benefits welcomes the opportunity to consider your thoughts, concerns, ideas, and questions. If you would like to send a message to the Division of Pensions and Benefits, please take a minute to complete the following form, which will provide the Division with the information necessary to identify your membership status and process your message. Technical Notes If you are unable to use this form, you can contact the Division of Pensions and Benefits at the address listed above, ELECTRONIC CORRESPONDENCE TO THE DIVISION OF PENSIONS AND BENEFITS Prefix? First Names MI: Last Names Pension Fund/Program: NAME (if applicable) Inquiry Types General /Benefits Question 0 Member Specific Question Membership/Retirement Numbers Social Security Numbers XXX - XX - ADDRESS Streets Suite/PBO*Box: Citys County: State: Zip Code.u Country: United States (if applicable) (optional - last 4 digits only) (required in NJ only) (required in US only) Phone Numbers - - Ext:. (optional) - s AFFILIATION If you are writing on behalf of an organization or group, please provide that group's name and indicate your relationship with that group, Groups N/A
4 JxltO UX 1NJ - -L/OpOi ULK/JULt UX LUC - X^XYX^XUXi OXIU. XJCJUOJUIO Relationship: N/A YOUR MESSAGE Have you contacted us before on this matters No Confirmation #: Topics Please Select One Subject: Please select from dropdown box above first Messages.. Send ^our Message, vstart-0v;er &M*:&3?»&'::-'te''-> ^ I'-^f^^^-'J^jfeH-'"': ^- ' K>^'"'^^''4,--'^-- '^^.J.'.- Last Updated: Monday, 10/22/12
5 UJL JT OJUaiUJLla ctjuu JLJCJLICUJLld- Governor Chris Christie Lt-Governor Kim Guadagno State of New Jersey Department of the Treasury Division of Pensions and Benefits Search Pensions NJ Home ( Services A to Z Departments/Agencies [ FAQs Select Language Disclaimer FACT SHEETS BY NUMBER View Fact Sheets By Category. Fact Sheet Number auid TopSc '. Fact Sheet #1, Purchasina Service Credit (PERS, TPAF & PFRS)' Adobe PDF (3710 Fact Sheet #2, Estimatina the Cost of-purchasina Service Credit (PERS & TPAF) Adobe PDF (3310 ; Fact Sheet #3, Estimatina the Cost of Purchasina Service Credit (PFRS) Adobe PDF (SOK) Fact Sheet #4, AppMna for Retirement (PERS & TPAF) Adobe PDF f49io Fact Sheet #5f Pension Options (PERS & TPAF) Adobe PDF fssio Fact Sheet #6, Vbtyr Retirement Checklist (All Funds) Adobe PDF- f45fo : Fact Sheet #7, New Jersey State Employees -Deferred Compensation Plan Distribution Options 'Adobe PDF f28io i Fact Sheet #8, Enrollment Ellalbllity and Aae Limits (PFRS) Adobe PDF (4110 Fact Sheet #9, Divorce and Your Deferred Compensation Plan Account Adobe PDF (29K) Pact Sheet #10, Reportina a Death Adobe PDF (2910 Fact Sheet #11, Enrolllna In Health Benefits Coveraae When You Retire Adobe PDF C47IO Fact Sheet #12, Taxation of Retirement Benefits (All funds) Adobe PDF (45K) Fact Sheet #13, Conversion of Group Life Insurance (All Funds) Adobe PDF f4iio Fact Sheet #14, Deferred Retirement (PERS, TPAF & PFRS) Adobe PDF fsoio Fa ct S h eet #1 5, Disability Retlremen t Ben effts (P E RS & TPAF) Adobe PDF C45K) [ Fact Sheet #16, Disability Retirement Benefits (PFRS) Adobe PDF (SOK). ' «Fact Sheet #17, Veteran Status (PERS, TPAF &' PFRS1) Adobe PDF agio Fact Sheet #18^ Cost-of-Livin a Adjustments (All Funds) AdobepDF'(24KD Fact Sheet #19, Aoolvina for Retirement (PFRS) Adobe PDF (saw Fact Sheet #20, Leave -of Absence and. Your Benefits (All Funds) Adobe PDF (4310 Fact Sheet #21, Employment After Retirement (PERS) Temporarily Unavailable Pending Revision Adobe PDF (45K) Fact Sheet #22, Waiver ofnoncontributory Group Life Insurance over $50',OQO Adobe PDF (ZBIO Fact S heet #23, Health Benefit Proarams and Medicare Parts A & B for Retirees Adobe PDF fszio. : Fact Sheet #24, Withdrawal from the Retirement System Adobe PDF (3010 Fact Sheet #25, Employer Responsibilities Under COBRA Adobe PDF (31K) Fact Sheet #26, Health Benefits Options When Terminatina Employment Adobe PDF fsik) Fact Sheet #27, The Taxability and Mandatory Wlthholdina of Income Tax: From Your Pension Distribution Adobe PDF (45K), ' Fact Sheet #28, Employment After Retirement (TPAF) Temporarily Unavailable Pending Revision Adobe PDF (44K) Fact Sheet #29, Employment After Retirement (PFRS) Temporarily Unavailable Pending Revision Adobe PDF (33K) Fact Sheet #30, The Continuation of Health Benefits Under COBRA Adobe PDF (3610 Fact Sheet #31, Benefits at Termination of Employment throuah Resianathn, Dismissal or Layoff Adobe PDF (42K) Fact Sheet #32, The New Jersey State Employees Deferred Compensation Plan Adobe PDF (29K) Fact Sheet #33, The Employer's Role in a Disability Retirement Adobe PDF (46K) Fact Sheet #34r The Additional Contributions Tax-Sheltered (ACTS) Program Temporarily Unavailable Pending Revision Adobe PDF (43 K) Fact Sheet #35, The Supple'mental Annuity Collective Trust Fund of New Jersey (SACT) (All Funds) Adobe PDF (29K) Last Update 5/14 5/14 8/13 8/13. 8/13 8/13 2/14 6/13. 5/11 7/10 11/12 2/09 1/13 1/13 7/14 4/14 ; 8/13' ' 2/14 2/14 7/13 8/11 2/14 '1/13 3/13 5/12 5/12 0/-J 0 ^/ J-.3 3/11 8/11 5/14 5/12 1/14 7/10 3/14 1/14 _ <* '
6 j. VJUMUJU UL roiidiuiid ana JLJ»GJUOJLU> JULLJJ.// w W w.auac.juj Fact Sheet #36, Military Service after Enrollment and USERRA Adobe PDF (31K) 7/12 Fact Sheet #37 r Employee Dental Plans Adobe PDF (39K) 3/14 [Fact Sheet #38f Alternate Benefit Program Adobe PDF (42K) 3/14 Fact Sheet #39, Disability Retirement Benefits (State Police Retirement System) Temporarily Unavailable Pending Revision Fact Sheet #40, SPRS Death Benefits (State Police Retirement System) Adobe PDF f44io Fact Sheet #41. Applvina for Retirement (State Police Retirement System) Adobe PDF (40K) 7/11 2/14 2/14 Fact Sheet #42, Divorce, Dissolution of a Civil Union, and Your Retirement Benefits Adobe PDF (33K) Fact Sheet #43, Back Pay Settlements and Retirement Credit Adobe PDF (24K) 8/13 Fact Sheet #44, Tax$ave Adobe PDF (42K) 8/13 Fact Sheet #45, Workers' Compensation (PERS, TPAF, PFRS & SPRS) Adobe PDF (44K) 2/14 Fact Sheet #46, LEO:Law Enforcement Officers and the Public Employees' Retirement System (PERS) Adobe PDF (37K) 2/14 Fact Sheet #47, Health Benefits Retired Coverage Under Chapter 330 (PFRS) (LEO) Adobe PDF (29K) 1/13 Fact Sheet #48. Family Status Changes - Employees (All Funds) Adobe PDF (35K) 1/11 Fact Sheet-#49, Family Status Changes - Retirees (All Funds) Adobe PDF (33K) 1/11 Fact Sheet #50, Charter Schools (PERS & TPAF) Adobe PDF (30K) 2/14 Fact Sheet #51, Con tin uin a Health Benefits Coveraae for Overage Children with Disabilities (SHBP and SEHBP) Adobe PDF (3 OK) Fact Sheet #52r Retirement Incentive Programs Adobe PDF (30i<) 1/01 Fact Sheet #53 Replaced by the PERS Handbook Addendum for the Legislative Retirement System (LRS) Adobe PDF (73 K) Fact Sheet #54r Calculating Your Own Retirement Adobe PDF (47K) 3/14 '. Fact Sheet #55, Accidental Disability or Accidental Death Benefit Coverage for Off-Duty or Outside Employment (PFRS & PERS) Adobe PDF (26K) 2/14 Fact Sheet #56, Creditable Compensation (PFRS) Adobe PDF (27K) 3/14 Fact Sheet #57, Employment After Retirement (SPRS) Temporarily Unavailable Pending Revision Adobe PDF (24K) 2/12 Fact Sheet #58, Group Life Insurance (PERS and TPAF) Ado be PDF (39K) 6/12 Fact Sheet #59, Group Life Insurance (PFRS) Adobe PDF (31K) 3/11 Fact Sheet #60, Voluntary Furlough Proaram (All Funds) Adobe PDF (40K) 12/10 Fact Sheet #61r JRS Survivor Benefits and Pension Options (JRS) Adobe PDF (47K) 2/14 Fact Sheet #62 Replaced by the PERS Handbook Addendum for the Prosecutors Part of the PERS Adobe PDF (7OK) Fact Sheet #63 Replaced by the PERS Handbook Addendum for the Workers' Compensation Judges (WC3) Part Of the PERS Adobe PDF (75K) Fact Sheet #64, About Your Retirement Check (All Funds) Adobe PDF (51K) 3/14 Fact Sheet #65f Volunteer Emergency-Worker's Survivors Pension Adobe PDF (77K) 3/14 Fact Sheet #66, Health Benefits Coverage for Part-Time Employees Adobe PDF (35K) 5/14 Fact Sheet #67, Commuter Tax$ave Program Adobe PDF (28K) 3/14 I Fact Sheet #68, Designating a Beneficiary Adobe PDF (32K) 1/13 Fact Sheet #69f SHBP Coverage for State Intermittent Employees Adobe PDF (30K) 10/13 Fact Sheet #70, Multi-State Agency Participation in the PERS (PERS) Adobe PDF (33K) 7/04 Fact Sheet #71, Benefits Under the Domestic Partnership Act Adobe PDF (53K) 5/11 Fact Sheet #72. Identity Theft and Your Benefits Adobe PDF (47K) 9/13 Fact Sheet #73, Retiree Dental Expense Plan Adobe PDF (35K) 1/11 I Fact Sheet #74, Health Benefits Coverage of Children until Age 31 under Chapter 375 Adobe PDF (27K) 5/14 [ Fact Sheet #75, Civil Unions Adobe PDF (54K) 5/11 Fact Sheet #76, Honorable Service Adobe PDF (39K) 9/09 Fact She'et #77, The Quarterly Report of Contributions Adobe PDF (43 K) 1/14 Fact Sheet #78, Requirements for Review of a Title for Participation In the PFRS Adobe PDF (54K) 2/12 7/12 2/14 Fact Sheet #79,Defined Contribution Retirement Proaram CDCRP} for PERS, TPAF,' PFRS, and SPRS Members Adobe PDF (38K) 3/14 Fact Sheet #80, Defined Contribution Retirement Proaram (DCRP) for Elected and Appointed Off/da Is Mobe. PDF (34K) 7/13 Fact Sheet #81, Pension Loans (PERS, TPAF, PFRS 8c SPRS) Adobe PDF (33K) 07/14
7 x pcojtcttx ux jrond.iu.ud.// w w VY. Fact Sheet #82, Defined Contribution Retirement Program CDCRP} if Ineligible for PERS or TPAF Adobe PDF (44K) 7/13 Fact Sheet #83, Qualified Domestic Relations Order (QDRO) Adobe PDF (44K) 5/13 Fact Sheet #84. Professional Services Contracts, Independent Contractors, and Pension Enrollment Adobe PDF (531<) 4/14 Return to Top Last update: 3uly 30, 2014 RULES & AUTHORITY Confeaci Us Privacy Nofes [ Legal Statement Accessibility SlaSesnsnt / OPRAJQpeJV Pensions and Benefits; Home Employer Manual Health Benefits Forms and Publications Counseling Appointments Treasury: Home Services ] People Businesses Divisfons/A0encfes Forms Contact Us Statewide: N3 Home Services A to Z 1 Departments/Agencies FAQs Copyright State of New Jersey, This site is maintained by the DK/lsbn of Pensions and Benefits.
8 FL ; Fact Sheet #79 fl PUBLICATION OF THE MEW IEBSEY DIVISION OF PENSIONS flnd BENEFITS ~ DEFINED CONTRIBUTION RETIREMENT PROGRAM (DCRP) For PERS, TPAF, PFRS, and SPRS Members The Defined Contribution Retirement Program (DCRP) was established July 1, 2007, under the provisions of Chapter 92, P.L 2007 and Chapter 103, P.L 2007, and expanded under the provisions of Chapter 89, PL 2008 and Chapter 1, PL. 2010, The DCRP provides eligible members with a tax-sheltered, defined contribution"retirement benefit, along with life insurance and disability coverage. ELIGIBILITY Individuals eligible for membership in the DCRP include:. State or local officials who are elected or appointed on or after My 1, 2007; Employees enrolled in the Public Employees' Retirement System (PERS) or Teachers' Pension and Annuity Fund (TPAF)"on or after My 1, 2007, who earn salary in excess of established "maximum compensation" limits; Employees enrolled in the Police and Fireman's Retirement System (PFRS) or State Police Retirement System (SPRS) after May 21, 2010, who earn salary in excess of established "maximum compensation" limits; Employees otherwise eligible to enroll in the PERS or TPAF on or after November 2, 2008, who do not earn.the minimum annual salary for PERS or TPAF Tier 3 enrollment ($8,100 in 2014 subject to adjustment in future years) but who arn salary of at least $5,000 annually; and Employees otherwise eligible to enroll in the PERS or TPAF after May 21, 2010, who do not work the minimum number of hours per week required for PERS ortpaftier 4 or Tier 5 enrollment (35 hours per week for State employees or 32 hours per week for local government or local education employees) but who earn salary of at least $5,000 annually This fact sheet addresses DCRP membership for employees enrolled in the PERS, TPAF, PFRS, or SPRS. Elected or appointed officials should refer to Fact Sheet #80, DCRP for Elected and Appointed Officials. Employees eligible for the DCRP because they do not meet the minimum salary or hours for the PERS ' or TPAF should refer to Fact Sheet #82, DCRP if Ineligible for the PERS or TPAF. Employees enrolledin the PERS or TPAF on or after My 1, 2007, or enrolled'^ the PFRS or SPRS after May 21/2010, are subject to a maximum compensation limit for pension contributions. The maximum compensation is based on the annual maximum wage for Social Security (see chart below) and is subject to change at the start of each calendar year. YEAR ; 2010; PERS/TPAF ANNUAL MAXIMUM WAGE MAXIMUM WAGE $102,000 $106,800 $110,100 $113,700 $117,000 March 2014 Page 1 _ Fact Sheet #79,
9 Fact Sheet #79 ft PBBUCATIBN Bf THE NEW ItBSEY PI ISIBH OF PiNSIBNS flnp BENEFITS FL Therefore, an eligible employee who earns in excess of the annual maximum wage will be enrolled in the DCRP in addition to the PERS, TPAF, PFRS, or SPRS (as appropriate). Employees who participate in the DCRP will receive service credit in their retirement system account, and will be eligible to retire under the rules of the retirement system with the final salary or final compensation at retirement limited to the maximum compensation amounts jn effect when the salary is earned, Additional income will be available in retirement based on contributions from salary above the maximum compensation limit invested in the DCRP. Optional Waiver A PERS, TPAF, PFRS, or SPRS member who is also eligible for the DCRP can choose to voluntarily waive participation in the DCRP by submitting a DCRP Waiver Form to the Division of Pensions and Benefits, If a member waives DCRP participation and later wishes to participate, he or she can apply for DCRP enrollment at that time, with membership to be effective January 1 of the following calendar yean ENROLLMENT Eligible members are enrolled in the DCRP when the annual salary exceeds the maximum compensation limit This may occur either: Upon enrollment into the PERS, TPAF, PFRS, or SPRS when an annual base salary is reported on the Enrollment Application that will exceed the maximum compensation; or. When an eligible member's annual salary is increased to where it will exceed the maximum compensation and it is reported by the employer to the Division of Pensions and Benefits (either by directly contacting the Division, or when submitted by the employer on the Quarterly Report of Contributions). When enrolled in the DCRP, members contribute 5.5 percent of the base salary in excess of the maximum compensation limit to a tax-deferred investment account established with Prudential Financial, which jointly administers the DCRP investments with the Division of Pensions and Benefits. Member contributions are matched by a 3 percent employer contribution based on the salary in excess of the maximum compensation limit it is important that an employer enroll a DCRP eligible member as soon as it is known that the employee's annual salary will exceed the maximum compensation, $o that the DCRP account can be established in advance of collection of any required contributions. Contributions are required from the date of DCRP eligibility. If any back-deductions are owed, employers must schedule and remit them to the DCRR Transfers Employees who transfer employment will not be subject to maximum compensation limits or DCRP enrollment if: The transferring employee was a member of PERS or TPAF on or before June 30, 2007; or The transferring employee was a member of the PFRS or SPRS on or before May 21, 2010; and Any of the following situations apply: The member is transferring to an eligible position without a break in service; or Fact Sheet #79 March 2014 Page 2
10 FL Fact Sheet #79 ft POBUCftTION Of THE MEW JERSEY D1 IS»ON OF PENSIONS HMD BtNEFITS ' Any break in service is 24 months or less from the date of the last contribution to the retirement system and the member's account has not been withdrawn; or Any break in service is 24 months or less from the end of an approved leave of absence. If a member transfers after a break in service that falls beyond the 24 month exceptions described above, the member will be subject to the maximum compensation rules and DCRP enrollment. Vesting A PERS, TRAP, PFRS, or SPRS member who becomes eligible and is enrolled-in the DCRP is immediately vested in the DCRP As a vested member, you have a right to a benefit at retirement based on both the employee and employer contributions to the DCRR Withdrawal Withdrawal occurs when a non-vested DCRP member separates from covered employment and submits a request to Prudential for a withdrawal of contributions. Only the member's contributions are available for withdrawal employer contributions are forfeited, After a withdrawal, the individual is eligible for reenrollment in the DCRP/or enrollment in another New Jersey State-administered retirement system, upon.a return to covered employment.... Retirement Retirement occurs when a vested DCRP member separates from covered employment and elects to receive a distribution of funds containing both-employer and employee contributions and interest. This action deems the former participant as "retired" and, therefore, ineligible to re-enroll in the DCRP or participate in any other New Jersey State-administered retirement system. APPLYING FOR RETIREMENT Six months before retirement, a member should contact the employer and Prudential Financial for information regarding DCRP benefits and options. A DCRP member may-elect to receive all or a portion of his/her account in a lump-sum distribution, or in a variety of periodic payment methods, Please contact your administrative services provider for more information. Ali returns of contributions-and earnings are considered taxable in the year they are. received; therefore, the type of payout plan-should be considered carefully prior to retirement There js no mihimum retirement age under the DCRP. The member will automatically be considered retired, regardless of age, if there is any distribution of mandatory contributions. A member may take a distribution at any time after-termination of employment; however; if you return to public employment in New Jersey, you cannot participate in any State-administered retirement system. DCRP members considering future employment in a position covered by. any of the State-administered retirement systems should carefully consider this impact before requesting a distribution, Health Benefits at Retirement Please note that service time from enrollment in the DCRP cannot be used to qualify for State Health Benefits Program (SHBP) or School Employees' Health Benefits Program (SEHBP) coverage at retirement; however, retirement system members who also participate in the DCRP through earnings in excess of the maximum wage will continue to earn credit toward SHBP coverage, if eligible at retirement, through their retirement system service.. March2014 Pages Fact Sheet #71
11 Fact Sheet #79 FL A P D B L I C f l T I O H Of THE HEW J E R S E Y D I V I S I O N OF P E N S I O N S HUD B E N E F I T S Please contact your employer's human resources office or benefits administrator to ask about health benefit coverage options available in retirement. LIFE INSURANCE COVERAGE While employed, a PERS, TPAF, PFRS, or SPRS member enrolled in the DCRP is covered by employerpaid life insurance, payable to their designated beneficiaries in the amount of 11/a times the annual base salary on which DCRP contributions were based. This coverage is available without a medical examination to members under age 60. Newly enrolled members 60 years of age or older must undergo a medical examination to qualify. DCRP members will continue to be insured for up to two years if on an approved leave of absence without pay for personal illness. Note: The Internal Revenue Service classifies all life insurance coverage over $50,000 as a fringe benefit subject to taxation. The amount of the life insurance coverage is not taxable, but the premium required to pay for the life insurance coverage is taxable. Members can elect to waive insurance coverage over $50,000 at any time. For more information on this topic, see Fact Sheet #22, Waiver of NonContributory Group Life Insurance over $50,000. Upon retirement, life insurance under the DCRP reduces to 3/16 of the annual base salary on which DCRP contributions were based. This life insurance coverage is available in retirement only to: * PERS, TPAF, PFRS, or SPRS members enrolled in the DCRP who are age 60 or older if the member has completed 10 years of participation in the DCRP, PERS, TPAF, PFRS, or SPRS; PERS, TPAF, PFRS, or SPRS members enrolled in the DCRP who are any age if the member has completed 25 years of participation in the DCRP, PERS, TPAF, PFRS, or SPRS. The member must also have been an active employee in the twelve months immediately preceding the initial receipt of a retirement annuity payment. LONG-TERM DISABILITY COVERAGE A member is eligible for employer-paid long-term disability insurance coverage after one year of participation in the DCRP. The member becomes eligible for the disability benefit after six consecutive months of total disability due to an occupational or nonoccupational condition. To be considered totally disabled due to sickness or accidental bodily injury, the member must be unable to perform any and every duty pertaining to his/her occupation. The member need not be confined to home, but must be under a doctor's regular care. If a member is totally disabled, the member is eligible to receive a regular monthly income benefit up to 60 percent of the base salary on which DCRP contributions were based during the 12 months preceding the onset of the disability. While disabled, the member's and the employer's mandatory contributions are automatically credited to the member's retirement account. The monthly income benefit is offset by any other periodic benefit the member may be receiving, such as Workers' Compensation, short-term disability, or Social Security. FaCt Sheet #79 March 2014 Page 4
12 FL Fact Sheet #79 ft PUBUCflTIBN OF THE HIW IEBSEY DIVISION Bf PINSI8MS AND BENEFITS Eighteen months after the onset of long-term disability eligibility, the member must be unable to engage in any gainful occupation for which he/she is reasonably suited by education, training, or experience. Total disability is not considered to exist if the member is gainfully employed, incarcerated, or if the disability resulted from an act of war, or was intentionally self-inflicted. Long-term disability benefits will be paid as long as the member remains disabled or until the member attains age 70. Should the member begin receiving payments under the retirement annuity, these benefits terminate, This fact sheet has been produced and distributed by: New Jersey Division of Pensions and Benefits * PO Box 295 Trenton, New Jersey (609) TDD for the hearing impaired (609) URL; hnp://www*state,njms/treasury/pensions E-maik pensions.nj@treas,state.njms This fact sheet is a summary and not intended to provide total information, Although every attempt at accuracy is made, it cannot be guaranteed. March 2014 Page 5 Fact Sheet #7i
13 FL Fact Sheet #80 ft PUBLICATION OF THE NEW JERSEY DIVISION Of PENSIONS HUB BENEFITS DEFINED CONTRIBUTION RETIREMENT PROGRAM (DCRP) FOR ELECTED AND APPOINTED OFFICIALS Elected and Appointed-Officials The Defined Contribution Retirement Program (DCRP) was established July 1,2007, under the provisions of Chapter 92, P.L 2007 and Chapter 103, P.L-2007, and expanded under the provisions of Chapter 89, RL 2008 and Chapter 1, RL. 2010, The DCRP provides eligible members with a tax-sheltered, defined contribution retirement benefit, along with life insurance and disability coverage, ELIGIBILITY Individuals eligible for membership in the DCRP include: State or local officials who are elected or appointed on or after My 1, 2007; Employees enrolled in the Public Employees5 Retirement System (PERS) or Teachers9 Pension and Annuity Fund (TPAF) on or after My 1, 2007, who earn salary in excess of established "maximum compensation'' limits; Employees enrolled in the Police and Fireman's Retirement System (PFRS) or State Police Retirement System (SPRS) after May 21, 2010, who earn salary in excess of established "maximum compensation" limits; Employees otherwise eligible to enroll in the PERS or TPAF on or after November 2, 2008, who do not earn the minimum annual salary for PERS or TPAF Tier 3.enrollment ($8,000 in 2013, subject to adjustment in future years) but who earn salary of at least $5,000 annually; and Employees otherwise eljgible to enroll in the PERS or TPAF after May 21, 2010, who do not work the minimum number of hours per week required for PERS or TPAF Tier 4 or Tier 5 enrollment (35 hours per we.ek for State employees or 32 hours per week for local government or local education employees) but who earn salary of at least $5,000 annually. This fact sheet addresses DCRP membership for elected and appointed officials. Employees enrolled in the PERS, TPAF, PFRS, or SPRS should refer to Fact Sheet #79, DCRP for PERS, TPAF, PFRS, and SPRS Members. Employees eligible for the DCRP because they do not meet the minimum salary or hours for the PERS or TPAF should refer to Fact Sheet #82, DCRP if Ineligible tor the PERS or TPAF. State and local officials who are elected or appointed on or after July 1, 2007 are eligible for enrollment only in the DCRP. An elected official is any individual who holds a State or local (county, municipal, etc.) elected public office. A State appointee is any individual appointed by the Governor, including those requiring the advice and consent of the Senate, or pursuant to an appointment by the Governor to serve at the pleasure of the Governor only during his or her term of office, A local appointee is any individual appointed by the Governor, including those requiring the advice and consent of the Senate; or an individual appointed in a substantially similar manner'by the governing body of a local public entity (county, municipality, school board, etc.) Page 1 Fact Sheet #8(
14 Fact Sheet #80 ft PUBLICATION OF THE NEW JERSEY DIVISION OF PENSIONS HMD BENEFITS FL Elected Officials An elected official who was already enrolled in the PERS prior to July 1, 2007 based on an elected office, will remain a PERS member while continuing to serve in that elected office. A newly elected official will only be enrolled in the DCRP and cannot enroll in the PERS. Under N.J.S A 43:30-3 a retired member of a State-administered retirement system who.is etectedto public office may either continue to receive a retirement benefit from the former employment and would be ineligible for enrollment in the DCRP or may suspend the retirement benefit from the former employ-. ment and enroll in the DCRP while serving in the elected office (upon termination of the elected office the retirement benefit from the former employment would be' reinstated). Appointed Officials. * A newly appointed official who does not have an existing PERS account will only be enrolled in the DCRP and cannot enroll in the PERS, An appointed official who was already enrolled in the PERS prior to July 1,2007, will remain a PERS member while serving in the appointed position/ Similarly, a regular employee who was enrolled in the PERS prior to July 1, 2007, who is appointed without a break in membership to a DCRP eligible position on or after My 1, 2007, will remain a PERS member while in the appointed position. An appointed official serving in a position that is otherwise eligible for membership in the TRAP, PFRS, SPRS, or JRS will not be enrolled in the DGRR In these instances, application should be made to enroll in the other retirement system regardless of any former retirement system affiliations. If a retired member of another Stateradministered retirement system is appointed to a DCRP eligible position, the appointee may either continue to receive the retirement benefit from the former employment and would be ineligible for enrollment in the DCRP, or may suspend the retirement benefit from the former employment and enroll in the DCRP while in the appointed position (upon termination of the appointed position the retirement benefit from the former employment would be reinstated). Note: Appointed titles that are ineligible for DCRP participation (see Chapter 92, RL 2007): Certified Health Officer, Tax Assessor, Tax Collector, Municipal Planner, Chief Financial Officer, Registered Municipal Clerk, Construction Code Official, Licensed Uniform Subcode Inspector, Qualified Purchasing Agent, or Certified Public Works Manager. ENROLLMENT The employer is responsible for enrolling an eligible elected or appointed official as of the starting date in the elected or appointed office by submitting a DCRP Enrollment Application to the Division of Pensions and Benefits, or using the online DCRP Enrollment Application available on the Employer Pensions and Benefits Information Connection (EPIC). Enrollment is required for eligible elected or appointed officials. Except for the specific- circumstances described above, there is no other option for waiver of DCRP enrollment. When enrolled, the elected or appointed official contributes 5.5 percent of the base salary to a tax-deferred investment account established with Prudential Financial, which jointly administers the DCRP with the Division of Pensions and Benefits. Member contributions are matched by a 3 percent employer contribution, Contributions are required from the date of DCRP eligibility. If any back-deductions are owed, employers must schedule and remit them to the DCRP. Fact Sheet #80 July 2013 Page
15 Fact Sheet #80 FL ft PUBLICATION OF THE HEW JERSEY DIVISION OF PENSIONS AND BENEFITS Salary Requirements A newly elected or appointed official must earn a minimum annual base salary of $5,000 to be eligible to participate in the DCRR Vesting If a newly elected or appointed official has an existing DCRP account, or is a member of another Stateadministered retirement system, the official is immediately vested in the DCRP. As a vested member, you have a right to a benefit at retirement based on both the employee and employer contributions to the DCRP. If a newly elected or appointed official does not qualify for immediate vesting in the DCRP, the employee and employer contributions are held during the initial year of membership. Upon commencing the second year of DCRP membership, the member is fully vested. However, if a member is not eligible to continue in the DCRP for a second year of membership, the member may apply for a refund of the employee contributions from the DCRP, while the employer contributions will revert back to a forfeiture account for the employing location. Withdrawal Withdrawal occurs when a non-vested DCRP member separates from covered employment and submits a request to Prudential for a withdrawal of contributions. Only the member's contributions are available for withdrawal employer contributions are forfeited. After a withdrawal, the individual is eligible for reenrollment in the DCRP, or enrollment in another New Jersey State-administered retirement system, upon a return to covered employment. Retirement Retirement occurs when a vested DCRP member separates from covered employment and elects to receive a distribution of funds containing both employer and employee contributions and interest. This action deems the former participant as "retired" and, therefore, ineligible to re-enroll in the DCRP JOT participate in any other New Jersey State-administered retirement system. APPLYING FOR RETIREMENT Six months before retirement, a member should contact the employer and Prudential Financial for information regarding DCRP benefits and options. A DCRP member may elect to receive all or a portion of his or her account in a lump-sum distribution, or in a variety of periodic payment methods. Please contact your administrative services provider for more information. All returns of contributions and earnings are considered taxable in the year they are received; therefore, the type of payout plan should be considered carefully prior to retirement. There is no minimum retirement age under the DCRP. The member will automatically be considered retired, regardless of age, if there is any distribution of mandatory contributions. A member may take a distribution at any time after termination of employment; however, if you return to public employment in New Jersey, you cannot participate in any State-administered retirement system. DCRP members considering future employment in a position covered by any of the State-administered retirement systems should carefully consider this impact before requesting a distribution. July 2013 Page 3 Fact Sheet #8
16 Fact Sheet #80 ft PUBLICATION OF THE MEW JERSEY DIVISION Of PENSIONS AMD BENEFITS FL Health Benefits at Retirement It is important to note that service time from enrollment in the DCRP cannot be used to qualify for State Health Benefits Program (SHBP) or School Employees' Health Benefits Program (SEHBP) coverage at retirement. Please contact your employer's human resources office or benefits administrator to ask about health benefit coverage options available in retirement. LIFE INSURANCE COVERAGE While serving in an elected or appointed office, DCRP members are covered by" employer-paid life insurance, payable to their designated beneficiaries in the amount of 11/ times the annual base salary on which DCRP contributions were based. This coverage is available without a medical examination to members under age 60. Newly enrolled members 60 years of age or older must undergo a medical examination to qualify DCRP members will continue to be insured for up to two years if on an approved leave of absence without pay for personal illness, '. Note: The Internal Revenue Service classifies all life insurance coverage over $50,000 as a fringe benefit subject to taxation. The amount of the life insurance coverage is not taxable, but the premium required to pay for the life insurance coverage is taxable. Members can elect to waive insurance coverage over $50,000 at 'any time. For more information on this topic, see Fact Sheet #22, Waiver of Noncontributory Group Life Insurance over $50,000. Upon retirement, life insurance under the DCRP reduces to 3/16 of the annual base salary on which DCRP contributions were based. This life insurance coverage is available in retirement only to: Members age 60 or older if the member has completed 10 years of participation in the DCRP; Members of any age if the member has pompleted 25 years of participation in the DCRR The member must also have been an active employee in the twelve months immediately preceding the initial receipt of a retirement annuity payment. Conversion Other than the retired insurance benefit described above, life insurance coverage under the DCRP ceases 31 days after termination.of employment. During the 31-day period following termination of employment, a member may convert existing group life insurance coverage (less any amount of coverage carried over into retirement) into, an individual whole life policy, without medical examination. For more information, see Fact Sheet #13, Conversion of Group Life Insurance. LONG-TERM DISABILITY COVERAGE A member is eligible for employer-paid long-term disability insurance coverage after one year of participation' in the DCRR The member becomes eligible for the disability benefit after six consecutive months of total disability due to an occupational or nonoccupational condition. To be considered totally disabled due to sickness or accidental bodily injury, the member must be unable to perform any and every duty pertaining to his/her occupation.the member need not be confined to home, but must be under a doctor's regular care. Fact Sheet #80 July 2013 Page
17 FL Fact Sheet #80 fl PHBUCATION OF THE NEW JERSEY DIVISION OF PENSIONS AND BENEFITS If a member is totally disabled, the member is eligible to receive a regular monthly income benefit up to 60 percent of the base salary on which DCRP contributions were based during the 12 months preceding the onset of the disability. While disabled, the member's and the employer's mandatory contributions are automatically credited to the member's retirement account. The monthly income benefit is offset by any other periodic benefit the member may be receiving, such as Workers' Compensation, short-term disability, or Social Security. Eighteen months after the onset of longterm disability eligibility, the member must be unable to engage in any gainful occupation for which he or she is reasonably suited by education, training, or experience. Total disability is not considered to exist if the member is gainfully employed, incarcerated, or if the disability resulted from an act of war, or was intentionally selfinflicted. Long-term disability benefits will be paid as long as the member remains disabled or until the member attains age 70. Should the member begin receiving payments under the retirement annuity, these benefits terminate. This fact sheet has been produced and distributed by: New Jersey Division of Pensions and Benefits PO Box 295 «Trenton, New Jersey (609) TDD for the hearing impaired (609) URL\h\\p:llwww.state,nj.us/treasury/pensions pensions.nj@treas.Btate.njMS This fact sheet is a summary and not intended to provide total information. Although every attempt at accuracy is made, it cannot be guaranteed. July 2013 Page 5 FdCt Sheet #80
18 Fact Sheet #82 FL ft P U B L I C A T I O N If THE NEW J E R S E Y D I V I S I O N OF P E N S I O N S AND B E N C F I T S DEFINED CONTRIBUTION RETIREMENT PROGRAM (DCRP) IF INELIGIBLE FOR PERS OR TPAF For Employees Below the Minimum Salary or Hours Required for PERS or TPAF The Defined Contribution Retirement Program (DCRP) was established July 1,2007, under the provisions of Chapter 92, P.L and Chapter 103, PL. 2007, and expanded under the provisions of Chapter 89, PL. 2008, and Chapter 1, PL The DCRP provides eligible members with a tax-sheltered, defined contribution retirement benefit, along with life insurance and disability coverage. ELIGIBILITY Individuals eligible for membership in the DCRP include: State or Local Officials who are elected or appointed on or after July 1,2007; Employees enrolled in the Public Employees' Retirement System (PERS) or Teachers' Pension and Annuity Fund (TPAF) on or after My 1, 2007, who earn salary in excess of established "maximum compensation" limits; Employees enrolled in the Police and Fireman's Retirement System (PFRS) or State Police Retirement System (SPRS) after May 21,2010, who earn salary in excess of established "maximum compensation" limits; Employees otherwise eligible to enroll in the PERS or TPAF on or after November 2, 2008, who do not earn the minimum annual salary for PERS or TPAF Tier 3 enrollment ($8,000 in 2013, subject to adjustment in future years*) but who earn salary of at least $5,000 annually; and Employees otherwise eligible to enroll in the PERS or TPAF after May 21,2010, who do not work the minimum number of hours per week required for PERS or TPAF Tier 4 or Tier 5 enrollment (35 hours per week for State employees or 32 hours per week for local government or local education employees) but who earn salary of at least $5,000 annually. This fact sheet addresses DCRP membership for employees who do not earn the minimum salary or work the minimum hours required for enrollment in the PERS or TPAF. Employees who are already enrolled in a retirement system should refer to Fact Sheet #79, DCRP for PERS, TPAF, PFRS, and SPRS Members. Elected and appointed officials should refer to Fact Sheet #80, DCRP for Elected and Appointed Officials. Chapter 89, P.L. 2008, established a minimum base salary requirements for eligibility for enrollment in the PERS or TPAF. Employees enrolled on or after November 2,2008 and on or before May 21,2010, must earn a minimum base salary of $8,000* or more per year to be eligible for enrollment in Tier 3 of the PERS or TPAF. *The Tier 3 minimum base salary is subject to adjustment annually in accordance with changes in the Consumer Price Index (for 2012 the minimum annual base salary was $7,800, tor 2010 and2011 the minimum annual base salary was $7,700, for 2008 and 2009 the minimum annual base salary was $7,500). July 2013 Page i Fact Sheet #$2 ^
19 Fact Sheet #82 A PMBLIKflTION OF THE MEW 1EBSEY PltflSIOH Of PENSIONS flhd BENEFITS Fb Under Chapter 89, any employee otherwise eligible to enroll in Tier 3 of the PERS or TPAF who does not earn the required minimum annual salary, but earns a minimum base salary of $5,000 or more, must bq enrolled in the DCRR Chapter t, R.L 2010, established a minimum number of hours required for enrollment eligibility in the PERS or TPAR Employees enrolled after May 21, 2010, must work a minimum of 35 hours per week if a State employee or 32 hours per week if a local government or local education employee to be eligible for enrollment in Tier 4 ortier 5 of the PERS or TPAR Under Chapter 1, any employee otherwise eligible to enroll in Tier 4 or Tier 5 of the PERS or TPAF who does not work the required minimum hours, but earns a minimum annual base salary of $5,000 or more, must be enrolled in the DCRR ENROLLMENT The employer 13 responsible for enrolling a DCRP eligible employee as of the starting date of employment by using the online DCRP Enrollment Application available on the Employer Pensions and Benefits Information Connection (EPIC). Enrollment is required for eligible employees. There is no option for waiver of DCRP enrollment for these individuals. When enrolled in the DCRP, members contribute 5,5 percent of the base salary to a tax-deferred investment account established with Prudential Financial, which jointly administers the DCRP investments with the Division of Pensions and Benefits. Member contributions are matched by a 3 percent employer contribution. Contributions are required from the date of DCRP eligibility. If any back-deductions are owed, employers must schedule and remit them to the DCRR If Later Eligible for the PERS or TPAF If an employee enrolled in the DCRP earns sufficient salary or works sufficient hours at a later date to qualify for enrollment in the PERS or TPAF, the employee will be enrolled in the PERS or TPAF. Upon becoming a PERS or TPAF member, contributions to the DCRP under Chapter 89 or Chapter 1 will cease; however, prior contributions remain invested in the DCRP pending retirement or termination of employment Contributions to the DCRP cannot be transferred to the PERS ortpaf, and service credit as a DCRP member is not eligible for purchase of service credit A PERS ortpaf employee may once again become eligible for the DCRP if: The annual salary fails below the minimum salary required for PERS or TPAF Tier 3 membership; deductions will cease and the member will contribute to the DCRP plan. The number of work hours fails below the minimum hours per week required for PERS or TPAF Tier 4 ortier 5 membership; deductions will cease and the member will contribute to the DCRP plan. The annual salary is in excess of the "maximum compensation" limit (members enrolled in the PERS or TPAF on or after My 1, 2007) under Chapter 103, PL 2007 see Fact Sheet #79, DCRP for PERS, TPAF, PFRS, and SPRS Members. Fact Sheet #82 July
20 FL Fact Sheet #82 ft PBBUCflTION BF THE NEW JERSEY DIVISION Of PENSIONS AND BENEFITS The employee becomes a State or local elected or appointed official see Fact Sheet #80, DCRP for Elected and Appointed Officials. Transfer of PERS or TPAF Membership Employees who are PERS or TPAF members and transfer to another PERS or TPAF poa^n are subject to the minimum salary or minimum hours of their existing PERS or TPAF Membership*^/a any of the following situations apply: *^^ The member is transferring to a PERS or TPAF eligible position without a break in service; or Any break in service is 24 consecutive months or less from the date of the last PERS or TPAF pension contribution and the account has not been withdrawn; or Any break in service is 24 consecutive months or less from the end of an approved leave of absence; or. You lose your job through no fault of your own (laid off or your position is abolished not terminated voluntarily or for cause) and you return to PERS or TPAF employment within 10 years of your termination date. If the exceptions described above apply the PERS or TPAF membership tier minimum salary/work hour requirements apply as follows, Membership Tier 1: Members who enrolled prior to July 1,2007 the minimum base salary requirement for enrollment is $1,500 per year for the PERS and $500 for the TPAF. «Membership Tier 2: Members who were eligible to enroll on or after My 1, 2007 and prior to November 2,20.08 the minimum base salary requirement for enrollment is $1,500 per year for the PERS and $500 for the TPAF. Membership Tier 3: Members who were eligible to enroll on or after November 2, 2008 and on or. before May 21,2010 the minimum base salary requirement for PERS or TPAF enrollment is M*QQQ per year (subject to adjustment in future years). Membership Tier 4 or Tier 5: Members who were eligible to enroll after May 21,2010 must work a minimum of 35 hours per wfeek if a State employee or 32 hours per week if a local government or local education employee. If a member transfers into the PERS or TPAF after a break in service that falls beyond the exceptions described above, the member will be subject to the Tier 4 or Tier 5 minimum hours requirement regardless of the previous membership tier status. If the work hours fall below the Tier 4 Tier 5 minimum requirement, the employee will be ineligible for transfer in the PERS or TPAF but will be eligible for DCRP enrollment if the-annual salary is at (east $5,000. PERS and TPAF Maximum Wage In addition Tier 2, Tier 3, Tier 4 and Tier 5 members are subject to a maximum wage limit for PERS or TPAF pension contributions, which is subject to annual adjustment The maximum wage limit for 2013 is $113,700. Tier 2, Tier 3, Tier 4, and Tier 5 members who earn in excess of the annual maximum wage will be enrolled in the DCRP in addition to the PERS or TPAF. See Fact Sheet #79, Defined Contribution Retirement Program for PERS, TPAF, PFRS, and SPRS Members, for more information. ' July 2013 Page 3. Fact Shee
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