[HISTORY: Adopted by the Mayor and Council of the Borough of Madison as indicated in article histories. Amendments noted where applicable.]
Article I Defined Contribution Retirement Program
[Adopted 7-14-2008 by Ord. No. 51-2008]
On and after July 1, 2007, newly appointed officials in the Borough must enroll in Defined Contribution Retirement Program (DCRP), not Public Employees' Retirement System (PERS), if the position requires the specific consent and/or approval of the elected governing body. Borough employees appointed to a position by elected officials, such as Mayoral appointments, or appointments made with the "advice and consent" of the Council shall also be DCRP positions.
An appointed official in the Borough who is already enrolled in the PERS prior to July 1, 2007, based on an elected and/or appointed office, will remain a PERS member while in that office/position. If, however, on or after July 1, 2007, there is a break of service in that office/position, or the official is elected to a different elected office, the official will be enrolled in the DCRP and cannot continue with PERS membership in the newly elected office/position.
Pursuant to N.J.S.A. 43:15C-2, the following positions are deemed to be eligible for and shall participate in the Defined Contribution Retirement Program:
Individuals serving in the following positions are exempt from Defined Contribution Retirement Program membership, pursuant to N.J.S.A. 43:15C-2:
This article shall be implemented, construed and subject to the aforesaid Chapter 92 of the Laws of 2007 (N.J.S.A. 43:15C-1 et seq.) as amended from time to time, and any regulations or guidance documents from the Local Finance Board or the Division of Pensions and Benefits.