[HISTORY: Adopted by the Township Council of the Township of Bridgewater 8-4-2008 by Ord. No. 08-18. Amendments noted where applicable.]
It is acknowledged that there has been established in the Division of Pensions and Benefits in the Department of the Treasury a Defined Contribution Retirement Program, pursuant to N.J.S.A. 43:15C-1 et seq. The program design is one that is permitted for governmental plans under the federal Internal Revenue Code as determined by the State Treasurer. The retirement program is deemed to be a pension fund or retirement system for purposes of P.L. 1968, c. 23 (N.J.S.A. 43:3C-1 et seq.), although it is distinct and to be differentiated from the Public Employees' Retirement System.
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:
Statutory-based, untenured Business Administrator.
Department heads that are filled by action of the Township Council or by the Mayor with the advice and consent of the Township Council and who report directly to an elected official(s) or chief administrative officer].
Municipal Court Judge.
A person who commences service on or after the effective date of this section of P.L. 2007, c. 92 (N.J.S.A. 43:15C-2) in an effective public office of this state or of a political subdivision thereof, except that it shall not include a person who holds elective public office on the effective date of this section and is enrolled in the Public Employees' Retirement System while that person continues to hold that elective public office without a break in service. Service in the Legislature shall be considered a single elective public office.
Individuals serving in the following positions are exempt from Defined Contribution Retirement Program membership, pursuant to N.J.S.A. 43:15C-2 (although they may be eligible for and/ be participating in the Public Employees' Retirement System — PERS):
This chapter shall be implemented, construed and subject to Chapter 92 of the Laws of 2007 (N.J.S.A. 43:15C-1 et seq.), as amended from time to time, and regulations or guidance documents from the Local Finance Board or the Division of Pensions and Benefits.
A copy of this chapter shall be filed with the Director of the Division of Pensions and Benefits of the New Jersey Department of the Treasury.