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:
A. Statutory-based, untenured Business Administrator.
B. 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].
G. 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):
A. Certified Health Officer.
D. Construction Code Official.
E. Qualified Purchasing Agent.
G. Registered Municipal Clerk.
H. Licensed Uniform Subcode Inspector.
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.