State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

The federal DOL overtime regulations go into effect this year. Are you ready?


Download Now!




This report includes a summary of key changes, including the salary level test and salary basis test.

As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.

Download Now!
December 05, 2008
NJ Passes Public Employee Pension and Benefits Reform Act

Governor Jon Corzine has signed S. 1962, a bill that imposes new eligibility guidelines on public employees receiving retirement benefits. The law, effective November 1, was passed by large margins in both the Assembly and the House.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

The new law raises the minimum retirement age for new hires in the public employment system from 60 to 62. It also requires new hires to earn at least $7,500 a year in order to be eligible for pension credit in the Public Employees Retirement System (PERS) or the Teachers Pension and Annuity Fund (TPAF), up from $1,500 a year for PERS and $500 a year for TPAF. From now on, any employee who works less than 35 hours per week will be ineligible to become a member of TPAF or PERS. The state hopes that this measure will ward off a financial collapse of the public employee benefit system. Raising the retirement age should save the state some $600,000 a year starting in 2011.

Featured Special Report:
Top 100 FLSA Overtime Q&As
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB01
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Benefits-Leave/Employee-Retirement/NJ-Passes-Public-Employee-Pension-and-Benefits-Ref/