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Pensions and Benefits
ABOUT THE DIVISION OF PENSIONS AND BENEFITS

Our Mission Vision and Value Statement


ESTABLISHMENT OF THE DIVISION

The Division of Pensions and Benefits (organization) is the successor to the former Bureau of Public Employees' Pensions created in June 1952. Under the general reorganization acts of 1948, the pension funds were located within the State Division of Budget and Accounting. In 1950 they were transferred to the Division of Investment under the statute creating that division.

The Division of Pensions and Benefits, under the Department of the Treasury, was created by Chapter 70, P.L. 1955.

All administrative functions of the state pension funds, except for the investment of the assets retained in the Division of Investment, were assigned to the Division of Pensions and Benefits.

RESPONSIBILITIES

The Division of Pensions and Benefits is responsible for the second largest public employee benefits program in the nation. It administers a comprehensive benefit program that enables public employers throughout the State to attract and retain skilled and talented employees. These include State employees, teachers, police officers, fire fighters, correction officers, judges, and many other local employees whose jobs are fundamental to the safety and well being of all New Jersey residents.

Participants in the separate pension systems include:

  • Over 750,000 retired and active participants in the State's defined benefits pension plans.

  • Over 17,000 participants in the State's defined contribution pension plan.

  • Over 44,000 participants in the State's supplemental retirement savings plans.
The Division administers an extensive pension loan program to its members:
  • Over 125,000 loans totaling over $538 million were processed last year.

The Division also administers the State Health Benefits Program (SHBP) and School Employees' Health Benefits Program (SEHBP) that include four different health plans, seven dental plans, and a prescription drug card plan. This program, with a cost of over $1.4 billion dollars annually, provides coverage for employees, retirees, and their dependents, of the State and approximately 850 local employers.

The SHBP and SEHBP include:

  • Over 780,000 covered lives

  • Over 356,233 individual medical plan accounts
  • Over 85,800 individual dental plan accounts, and

  • Over 116,100 covered lives in the prescription drug plan accounts.

There are over 894 different participating local employer-reporting locations that employ the majority of our plan participants. These employer locations include counties, municipalities, school boards, fire and police departments, as well as independent public agencies and authorities. More specifically, these local employer locations employ 80% of the pension membership and 50% of the health benefit membership. In addition there are approximately 100,000 (includes employees of the State colleges and universities) State employees served by the Division.

The Division's benefits programs also include the following three supplemental retirement savings programs with over 44,000 participants:

  • Defined Contribution Retirement Program (DCRP)

  • New Jersey State Employees Deferred Compensation Plan

  • Supplemental Annuity Collective Trust (SACT)

  • Additional Contributions Tax Sheltered Program (ACTS)

The Division also administers the IRC Section 125 program, Tax$ave, for State employees with over 85,000 participants.

BOARDS AND COMMISSIONS

The following Boards and Commissions provide oversight and direction to our benefits programs:

  • Public Employees' Retirement System Board

  • Teachers' Pensions and Annuity Fund Board

  • Police and Firemen's Retirement System Board

  • State Police Retirement System Board

  • Consolidated Police and Firemen's Pension Fund Commission

  • State House Commission for the Judicial Retirement System

  • Pension and Health Benefits Review Commission

  • State Health Benefits Commission

  • School Employees' Health Benefits Commission

  • New Jersey State Employees Deferred Compensation Board

  • Supplemental Annuity Collective Trust Council

  • The Investment Council

Approximately 1 out of every 13 residents of New Jersey is an active or retired member of a State administered retirement system.

Approximately 1 out of every 13 residents of New Jersey is a participant in the State Health Benefits Program or School Employees' Health Benefits Program.

 
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