Recently, it has come to our attention that many individuals aside from Public Safety Officers utilize this website as a reference guide for the various pension systems available to individuals employed by municipalities, counties, and the New Jersey state government. As such, this entry will focus upon a few of these pension systems and help our readers understand their background, membrship, and administration.

Overview of the Various Pension Systems

Public Employees Retirement System

The State of New Jersey established the Public Employees Retirement System (“PERS”) in 1955 after repeal of the laws that created the former State Employees Retirement System. Like the Police and Firemen’s Retirement System (“PFRS”), the New Jersey Division of Pensions and Benefits is assigned all administrative functions of the retirement system except for investment of the assets.

The PERS Board of Trustees has the responsibility for the proper operation of the retirement system. The Board consists of six (6) employee representatives, the State Treasurer, and two (2) individuals appointed by the Governor with advice and consent of the Senate. The Board meets monthly to conduct its business. 

Membership in the retirement system is generally required as a condition of employment for most employees of the State or any county, municipality, school district, or public agency. Generally, an employee is required to enroll in PERS if:

·         They are employed on a regular basis in a position covered by Social Security;

·         Their annual salary is $1,500.00 or more; and

·         They are not required to be a member of any other State or local government retirement system on the basis of the same position which gives them membership in PERS.

Teachers Pension and Annuity Fund

The Teachers Pension and Annuity Fund (“TPAF”) was established in 1919 and completely reorganized in 1955. The New Jersey Division of Pensions and Benefits is assigned all administrative function of the retirement system except for investment of the assets.

 

The TPAF Board of Trustees has the responsibility for the proper operation of the retirement system. The Board consists of three (3) active or retired members of TPAF, one (1) individual appointed by the other trustees, the State Treasurer, and two (2) individuals appointed by the Governor with advice and consent of the Senate. The Board meets monthly to conduct its business.

Membership in TPAF requires that eligible members be appointed to positions of employment requiring certification by the New Jersey Department of Education as members of regular teaching or professional staff of a public school system in New Jersey. If the position of employment meets the membership criteria, the individuals that occupy the positions are required to enroll within TPAF as a term and condition of employment. Employees of the Department of Education holding unclassified, professional, and certification titles are also eligible for membership.

State Police Retirement System

The State Police Retirement System (“SPRS”) was established in 1965 as the successor to the State Police Retirement and Benevolent Fund (“SPRBF”). The Division of Pensions and Benefits is assigned all administrative functions of the retirement system except for investment of the assets.

The SPRS Board of Trustees has the responsibility for the proper operation of the retirement system. The Board consists of two (2) active or retired members appointed by the Superintendent of the State Police, the State Treasurer, and two (2) members appointed by the Governor with advice and consent of the Senate. The Board meets quarterly to conduct business.

All members of the SPRBF became members of the SPRS in 1965. Further, all individuals who became full-time troopers or commissioned or non-commissioned officers of the Division of State Police after July 1, 1965 are required to enroll in SPRS upon acceptance of employment.

Judicial Retirement System

The Judicial Retirement System (“JRS”) was established on June 1, 1973 after repeal of the laws which provided benefits to certain members of the judiciary and their beneficiaries since 1948. For administrative purposes, the State House Commission acts as the Board of Trustees for the JRS.

Membership for this retirement system is reserved for an elite few. If an individual is a member of the State Judiciary, he or she is required to join the JRS as a term and condition of employment. The JRS covers the Chief Justice and Associate Justices of the State Supreme Court as well as all judges of the New Jersey Superior Court and Tax Court.