N.J. Admin. Code § 17:1-1.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:1-1.1 - Description of the Division of Pensions and Benefits

(a) The Division is the successor to the former Bureau of Public Employees' Pensions created in June 1952. Under the general reorganization acts of 1948, the pension funds were located within the State Division of Budget and Accounting. In 1950 they were transferred to the Division of Investment under the statute creating that division.

(b) The Division, under the Department of the Treasury, was created by P.L. 1955 c. 70. All administrative functions of the State pension funds, except for the investment of the assets retained in the Division of Investment, were assigned to the Division.

(c) The Division is responsible for one of the largest public employee benefits program in the nation. It administers a comprehensive benefit program that enables public employers throughout the State to attract and retain skilled and talented employees. These include State employees, teachers, police officers, fire fighters, correction officers, judges, and many other local employees whose jobs are fundamental to the safety and well being of all New Jersey residents. The Division administers 10 separate pension systems.

(d) The Division also administers the State Health Benefits Program (SHBP) that includes health plans, dental plans, and a prescription drug plan. This program provides coverage for employees, retirees, and their dependents, of the State and participating local employers. The enactment of 52:14-17.4 6 et seq., creates the School Employees' Health Benefits Program, which will be administered by the Division.

(e) The Division's benefits programs include the following three supplemental retirement savings programs: the New Jersey State Employees Deferred Compensation Plan, Supplemental Annuity Collective Trust (SACT), and the Additional Contributions Tax Sheltered Program (ACTS). The Division also administers the IRC Section 125 program, termed TaxSave, for State employees, as well as the IRC Section 132 program known as Commuter TaxSave.

(f) The following Boards and Commissions provide oversight and direction to the benefits programs:

1. Public Employees' Retirement System Board;

2. Teachers' Pensions and Annuity Fund Board;

3. Police and Firemen's Retirement System Board;

4. State Police Retirement System Board;

5. Consolidated Police and Firemen's Pension Fund Commission;

6. State House Commission for the Judicial Retirement System;

7. Defined Contribution Retirement Program Commission;

8. State Health Benefits Commission;

9. School Employees' Health Benefits Commission;

10. New Jersey State Employees Deferred Compensation Board;

11. Supplemental Annuity Collective Trust Council;

12. Pension and Health Benefits Review Commission; and

13. The State Investment Council.

(g) The Director is responsible for the coordination of the functions of the Division, the development of the Division budget and communication with other branches of State government, local government and the public. The Director serves as the Secretary to the Supplemental Annuity Collective Trust Council, the State Health Benefits Commission, the School Employees' Health Benefits Commission and the State House Commission in its capacity as the Board of Trustees for the Judicial Retirement System. The Director is responsible to oversee the Division's operations and the Board of Trustees administration in accordance with statute and rules. In addition, the Treasurer has delegated the responsibility of maintaining the Federal-State Agreement for Social Security to the Director.

(h) The Division falls under the jurisdiction of the New Jersey Department of Treasury. The Director reports directly to the State Treasurer. The Treasurer is an ex-officio member of all State pension boards and commissions.

(i) The administrative rules that apply generally to all of the retirement systems and benefit plans that the Division administers may be found in this chapter. The administrative rules of the various retirement systems and benefit plans may be found in N.J.A.C. 17:2 through 17:10.

N.J. Admin. Code § 17:1-1.1

Amended by 48 N.J.R. 1306(a), effective 6/20/2016