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TIME SENSITIVE - New Pension Requirements and Regulations for Adjuncts and Part-Time Instructors
As a result of pension reform legislation, Chapter 89, Public Laws of 2008, recently passed by the State Legislature and signed into law by Governor Corzine on September 29, 2008, any adjunct faculty member or part-time instructor whose employment agreement begins after October 31, 2008, and who is not already retired in a New Jersey State Pension System is eligible to participate in the Alternate Benefit Program (ABP).
New Adjuncts
Effective November 1, 2008, any new adjunct faculty member or a new part-time instructor entering service under a new employment agreement will be required to participate in the
ABP and is no longer eligible to participate in the Public Employees' Retirement System (PERS).
- Please visit the Office of Human Resources for your enrollment paperwork.
- If you do not complete the ABP enrollment paperwork by February 15, 2009,
you will be forced enrolled with TIAA-CREF the Default Carrier for ABP for 2009.
Current Adjuncts
Any existing adjunct faculty member or a part-time instructor employed under an agreement which took effect prior to November 1, 2008, will become eligible to participate in the ABP once a new employment agreement is executed and the individual enters service under that agreement.
Adjunct faculty members and part-time instructors already enrolled in the PERS who enter into a new employment agreement after October 31, 2008, must choose to either:
- Irrevocably waive their benefits under the ABP and continue their participation
in the PERS by completing an Election of Retirement Coverage, or
- Irrevocably waive their benefits under the PERS and transfer their accumulated
Pension service, contributions and any available employer contributions* under PERS to the ABP.
To compare the plans please click on this link “Choosing between PERS and ABP”.
Each adjunct faculty member or part-time instructor currently participating in the PERS must complete an Election of Retirement Coverage form within 30 days following commencement of employment in the ABP eligible position**.
Enrollment of adjunct faculty members and part-time instructors in the ABP will begin immediately upon the commencement of employment and not after the completion of 12-months of service as was the case for enrollment into PERS prior to this change in law.
If after reviewing this information you have additional questions regarding the ABP or any of the information in this letter, please contact the Christina Rush at crush@tcnj.edu or extension 2730.
* Transfers of employee TPAF or PERS contributions occur upon election to waive TPAF or PERS coverage. Transfers of employer contributions occur after the member has accrued ten years of non-concurrent service credit under TPAF, PERS and ABP.
** Individuals with existing TPAF or PERS membership at the time of ABP enrollment, who do not make an election to waive benefits under one of the two retirement systems, will lose the right to have all retirement credit consolidated under one retirement account and may lose those benefits which have not vested.
