Whenever a retirement system has been divided, (1) the State Agency shall execute, in conformity with section 218 of the Social Security Act and applicable Federal regulations, modifications to the Federal-State agreement providing for coverage of any member who requests transfer pursuant to section 218(d)(6)(F) of the Social Security Act, (2) the provisions of P.L.1956, c. 169 (C. 43:15A-111 to 43:15A-119) shall apply, requiring the remittance of the pro rata part of the reserves established under the former system on behalf of transferring members to the Public Employees' Retirement System, continuing the former system's liability for all pensions or other benefits granted by that system, and (3) as of the effective date of Social Security coverage for transferring members, the eligibility of membership for new employees in the former system shall be terminated and the membership requirements of that system shall be deemed satisfied by the enrollment of new employees in the Public Employees' Retirement System.
The chief fiscal officer of each employer shall timely transmit to the Public Employees' Retirement System such information as the system shall require in order for the Division of Pensions to comply with the provisions of this act.
L.1980, c. 86, s. 4, eff. Aug. 21, 1980.
Section 43:22-14: Expenses of administration of state agency; employers' proportionate shares
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