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Wednesday, August 20, 2008
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Welcome to the Employee Resources Section!

 

The areas contained in this section generate the greatest number of questions from employees to the staff in central office. Hopefully, by checking this continually updated section, you will be able to get a quick answer to common questions.

Naturally, if you need additional information, call the appropriate extension located in the District Directory Booklet.


Employee Information




 Currently viewing FAQ Section: Employee Resources
Q: 
Which Pension System am I enrolled in?
A: 
(TPAF) Teacher’s Pension and Annuity for Teachers, School Nurses and most administrators are enrolled in this system.
(PERS) Public Employee’s Retirement System includes all other staff members including Office Personnel, Paraprofessionals, Long Term Substitutes, Bus Drivers, Cafeteria and Playground Supervisors, Before and After School Caregivers and Maintenance/Custodial Workers.

Q: 
When am I eligible for retirement?
A: 
Service Retirement is at age 60 or older. No minimum amount of pension membership is required.
Early Retirement is available to those members who have 25 years or more of pension credit before reaching the age of 60. The benefit is calculated using the Service Retirement Formula; however, if you retire before age 55, your allowance is permanently reduced 1/4 of 1% for each month under that age (3% per year).
Service Retirement Formula can be found on-line at: www.state.nj.us/treasury/pensions

Q: 
When will I be Vested?
A: 
Members are vested after 10 years of creditable service in the pension system. Being vested means your account can remain inactive (without contributions) but open. If you should leave before retirement age, the NJ Division of Pensions will notify you when your account is going to expire (in most cases, after two years of inactivity). If you return to work, you will be required to re-enroll in the pension system. For other circumstances, contact the NJ Division of Pensions.
www.state.nj.us/treasury/pensions

Q: 
Can I purchase service credit from prior service, and what is the procedure?
A: 
Yes, the following types of service are eligible for purchase:
Temporary/Substitute Service
Leave of Absence
Former Membership
Out of State Service
US Government/Civilian Service
Military Service after Enrollment
Uncredited Service
Purchase procedure at:
http://www.state.nj.us/treasury/pensions/epbam/pensions/purchases/purchase.htm

Q: 
Can I borrow from my pension?
A: 
You must have three years of pension membership credit posted to your account in the retirement system. Members are eligible to borrow up to one-half of their pension contributions, twice per calendar year. You may call the Automated Information System at (609) 777- 1777 to learn the maximum amount you are eligible to borrow. The interest rate is currently 4%.


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