NJ PERS Vesting
Posted 06 April 2005 - 10:57 PM
Do you know of any federal law that might require the state to change this vesting requirement soon? I have no idea why the NJ legislature prefers to remain out-of-synch with the times. Any information would be greatly appreciated.
Posted 07 April 2005 - 05:45 AM
Posted 07 April 2005 - 05:08 PM
Posted 07 April 2005 - 07:09 PM
Where did you get the idea that NJ PERS has a 10 year requirement for vesting?
Cost Reduction Strategies
Burns and Associates, Inc
Posted 08 April 2005 - 12:41 AM
DEFERRED RETIREMENT is available to those members who have at least ten years of service credit and are not yet 60 years of age when they terminate employment. The retirement would be effective on the first of the month after attaining age 60. You will receive a retirement allowance based on the Service Retirement formula. You may apply for a Deferred Retirement when you terminate covered employment.
Also, ten years are needed for a disability retirement. I am also many years away from "normal retirement age". If you have less than 10 years of service credit, all you receive is your investment plus 2% interest per annum.
Does anyone know why New Jersey has not reduced its vesting requirement like other states? I am starting to lose all hope.
Edited by Maja, 08 April 2005 - 12:42 AM.