Election Of Retirement Coverage (Page 2 of 2) in pdf

STATE OF NEW JERSEY

ABP-0087-0806

PO Box 295

DIVISION OF PENSIONS AND BENEFITS

Trenton NJ 08625-0295

ALTERNATE BENEFIT PROGRAM

ELECTION OF RETIREMENT COVERAGE

THIS FORM MUST BE FILED WITHIN 30 DAYS OF THE DATE OF APPOINTMENT

TO AN ABP ELIGIBLE POSITION OR WITHIN 90 DAYS OF A JOB TITLE BEING

DECLARED ELIGIBLE BY THE DIVISION OF PENSIONS AND BENEFITS.

In accordance with New Jersey Statutes, the Alternate Benefit Program has been established for eligi-

ble employees of public institutions of higher education. This program provides participation in a defined

contribution retirement program as well as non-contributory group life insurance and long-term disabili-

ty programs underwritten by the Prudential Insurance Company of America, Inc.

The statutes require that all new employees hired in an eligible position on a full-time permanent basis

participate in the Alternate Benefit Program. The statutes permit members of the Teachers' Pensions and

Annuity Fund of New Jersey (TPAF) or the Public Employees' Retirement System of New Jersey (PERS)

at the time of appointment to waive participation in the Alternate Benefit Program and elect the PERS.

• MEMBERS OF THE TPAF MUST EITHER (1) TRANSFER TO THE ALTERNATE BENEFIT

PROGRAM OR (2) TRANSFER TO PERS. The statute does not permit continuation of

membership in TPAF.

• MEMBERS OF PERS MUST EITHER (1) WAIVE THE ALTERNATE BENEFIT PROGRAM

AND CONTINUE PARTICIPATION IN PERS OR (2) ELECT TO TRANSFER TO THE ALTER-

NATE BENEFIT PROGRAM.**

**You may select one investment carrier to receive the pension contributions eligible for transfer. Your accumulat-

ed pension contributions are sent to the carrier when this form is processed. The employer's Contingent Reserve

is sent to the carrier at the earlier of your achieving 10 years of pension credit or attaining age 60. You must

establish a valid account directly with the investment carrier you select before funds can be transferred.

LITERATURE EXPLAINING THE BENEFITS OF THE ALTERNATE BENEFIT

PROGRAM AND PERS SHOULD BE OBTAINED FROM YOUR PERSONNEL

OFFICER BEFORE YOU COMPLETE THIS WAIVER.

INSTRUCTIONS TO EMPLOYER

This form must be completed by members of the TPAF or PERS when (A) appointed to a posi-

tion covered by the Alternate Benefit Program or (B) the member's current position becomes ABP

eligible.

— For TPAF members electing to transfer to PERS, attach this election form to the individual’s

PERS Application for Interfund Transfer form when it is filed with the Division of Pensions and

Benefits.

— For PERS members electing to remain in PERS, return this form to the Alternate Benefit

Program.

— For PERS or TPAF members electing to transfer to the Alternate Benefit Program, attach this

election form to the individual’s Alternate Benefit Program Enrollment Application and

Application for Withdrawal from PERS or TPAF.

Election Of Retirement Coverage Page 2