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PERS/ABP Comparison Chart
FEATURE |
PERS |
ABP |
| Vesting | After 10 years of PERS participation | Immediate for employees moving from PERS to ABP |
| Employee Contributions | 5.5% of base salary | 5% of base salary |
| Employer Contributions | Plan is an "actuarial reserve fund" with contributions determined yearly. | 8% of base salary |
| Voluntary Contributions | Employees may elect to join the ACTS, Deferred Compensation, or SACT Plan. | Employees may make voluntary before-tax contributions with 6 ABP investment carriers and/or join the Deferred Compensation Plan. |
| Loans | Available after 3 years of contributions. Up to twice per calendar year, employees may borrow up to 1/2 of own contributions with repayments, interest rate determined by the state yearly. | Available under both regular retirement and voluntary plan. |
| Transferability | May transfer employment to any other public employer in New Jersey offering a state administered retirement plan | May transfer to other educational institutions offering a similar qualified pension plan |
Preretirement Death Benefit |
Employee contributions plus interest (in certain cases) paid to beneficiary | Employee and state contributions plus earnings paid to beneficiary |
| Retirement Benefit | Amount of retirement benefit is guaranteed and is based on employee's length of service and average final salary. May be taken as a single life annuity or a joint and survivor annuity amount (i.e., payment is made to the employee and upon his or her death, a designated percentage may be paid to the stated beneficiary). | Amount of retirement benefit paid is based on the employee's age, the size of the accumulations (contributions plus earnings), and the income option(s) selected. |
| Life Insurance | Before retirement, employer provides a noncontributory benefit equal to 1.5 times base salary. An additional contributory amount of 1.5 times base salary may be purchased by employee. | 3.5 times base salary paid by employer through Prudential Life Insurance Company |
| Long-Term Disability | After 10 years of PERS participation for disability retirement. An accidental disability benefit is also provided immediately. Only certain administrative, professional, or supervisory titles qualify to elect contributory long-term disability coverage in PERS. Benefit is 66.67% of monthly earnings not to exceed $5,000/month. Coverage provided through UNUM. |
Eligible after completing one year of full-time continuous employment in an ABP-eligible position. Benefit is 60% of pre-disability salary. Retirement plan contributions are automatically continued during disability. Coverage provided through Prudential. |
