17:5-6.1 Interfund transfers; other State systems
(a) The receipt of a public pension or retirement benefit is expressly condition upon the rendering of honorable service by a public official or employee. Therefore, the Board of Trustees of the present System shall disallow the transfer of all or a portio of prior service of any member of the System for misconduct occurring during the member's prior public service which renders that prior service, or part thereof, dishonorable.
(b) The member is not eligible to transfer service credit if an of the following conditions apply:
1. The member has withdrawn the previous membership;
2. The member has credit in the present system for service earned after the date of enrollment in the new system (concurrent service); or
3. The account has expired; that is, it has been more than two years from the date of the last contribution and there was not sufficient service credit to be eligible for deferred retirement.
(c) Membership credit so transferred shall be included in the computation of a retirement allowance. Such credits cannot be used to satisfy the statutory requirements of those benefits which specifically require a minimum number of years of creditable service as a State police employee.
(d) The system will transfer membership to any State-administered system as follows:
1. A member, desiring to transfer service credit and contributions from one State-administered retirement system to another shall file an Application of Interfund Transfer and an "Enrollment Application" in place of the customary "Application for Withdrawal." This application will void all possible claims against the present system when approved and the new membership is commenced in the new system.
2. The member's accumulated contributions, less any outstanding loan, shall be transferred to the new system for the account of the respective member. Any outstanding loan, back deductions or arrears obligation will be scheduled for repayment.
3. A statement reflecting the member's status as of the date of transfer shall be prepared by the Withdrawal Section of the Division and a copy forwarded to the old account.
4. The member's service credits established in the present system shall be transferred to the new system, subject to the provisions of the SPRS. A data sheet shall be created for the member's new account that will indicate an interfund transfer from the member's previous retirement system and the service credit transferred into the new membership account.
(e) The reserves accrued in the present system will be valued and compared to the reserves required in the new system.
1. If the reserves accumulated or provided for in the present system are less than those required in the new system, the full reserve will be transferred.
2. If the reserves accumulated or provided for in the present system are more than those required in the new system, only the amount required to establish the credit will be transferred.
(f) Years of credit will be subject to the benefit formula of the new system after transfer.
(g) A member shall meet all age and physical requirements for enrollment into the State Police Retirement System before an interfund transfer into the SPRS shall take effect.
Amended by R. 2001 d.128, effective April 16, 2001. See: 33 N.J.R. 204(a), 33 N.J.R. 1205(a).