As a member of the ABP, do I have to be a certain age to retire?
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.
Can I defer receiving my Sick Leave payment at retirement?
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.
How do I determine if a staff employee is eligible for PERS or ABP?
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 the OneSource Service Center at 732-745-SERV (7378). Please provide your job title, job percentage, and job class code.
I am a new hire. Do I have to enroll in a pension plan?
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.
I am currently enrolled in PERS. I recently transferred to an ABP-eligible position. Do I have to enroll in ABP?
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 the OneSource Service Center at 732-745-SERV (7378). For more information, see FAQ - One-Time Option to Join ABP.
I have been a Class 4 employee for 2 years and I am not enrolled in a pension plan. How can I enroll?
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 the OneSource Service Center at 732-745-SERV (7378). Upon verification of eligibility, Human Resources will mail you PERS enrollment information.
Is there a 25 year service requirement for receiving Sick Leave Payout at retirement?
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.