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No, there is no age requirement. You are considered retired when you withdraw funds from your retirement account in the form of an annuity and/or cash settlement. Only employee contributions are available to ABP retirees until age 55. Once attaining age 55, employer contributions are also available to ABP retirees. For information about payout options and possible tax penalties for cash withdrawals prior to age 59 ½, contact your investment carrier.
Yes, sick leave payment at retirement may be deferred up to one year after retirement. Payment will be taxable in the tax year received. Employees wishing to defer payment should complete a Sick Leave Payment at Retirement - Deferral form.
Generally, full-time staff employees including those who are receiving compensation of 50% or more of base salary who work in a position in which a Bachelor’s degree is required are eligible for ABP. All other full-time and part-time regularly appointed staff (and temporary employees after 12 months of continuous employment) are eligible for PERS. To find out if your position is PERS or ABP, call University Human Resources 848-932-3990. Please provide your job title, job percentage, and job class code.
If you accept a pension-eligible position at Rutgers University, you must enroll in a pension plan as a condition of employment. Anyone holding an “F” or “J” visa is not eligible to join a pension plan.
No, you have the choice of remaining in PERS or switching to ABP. If you remain in PERS, you will waive your rights to membership in the ABP while employed at Rutgers University. University Human Resources will mail you a PERS/ABP decision packet with comparison information and forms to complete. When you receive the packet, you have 90 days to make a decision and return the appropriate form(s) to your department. If you have not received a PERS/ABP packet, contact University Human Resources at 848-932-3990. For more information, see FAQ - One-Time Option to Join ABP.
If you are a Class 4 employee and have had at least 12 months of continuous service you may be eligible to join PERS. Contact University Human Resources at 848-932-3990. Upon verification of eligibility, Human Resources will mail you PERS enrollment information.
No, eligible staff employees at retirement will receive one half of the balance of their sick days up to $15,000 regardless of their length of service. All applicable taxes will be deducted. If the employee had a break in service, sick days accumulated prior to the break will not be included in the lump sum calculation unless the break occurred as the result of a layoff.