![]() Only active members of the retirement system are permitted to purchase service credit. Since your retirement allowance is based partly on the amount of service credit posted to your account at the time you retire, purchasing additional service credit - if you are eligible to do so - may increase your pension amount or let you retire sooner. You must meet all the eligibility requirements for the new retirement system with the new job.Īdditional rules and restrictions apply to Interfund Transfers.Your Application for Interfund Transfer must be received by the New Jersey Division of Pensions & Benefits within two years from the date of your last pension contribution and.You must not have withdrawn from the retirement system.To be eligible for an Interfund Transfer: Your contributions and service credit are transferred from the former retirement system to the new one. This can be with the same employer or a new one. Tier-to-Tier Transfer Form (PERS, TPAF, and PFRS)Īn Interfund Transfer happens when you start a new job that falls under a different retirement system.Report of Transfer Form (PERS, TPAF, and PFRS).See the retirement system Member Guidebooks for detailed information. It is important to note that by submitting a Tier-to-Tier Transfer, you waive all rights to retirement benefits under the original account.Īdditional rules and restrictions apply to Intrafund Transfers. This type of transfer is called a "Tier-to-Tier Transfer." The member must submit a Tier-to-Tier Transfer Form. However, if you are vested in your prior, inactive PERS account, you may be able to transfer your old account to your new one. An application will be submitted to enroll you in a new PERS account under the membership tier in effect at the time you return to PERS employment. If there has been a break in service of more than two years since your last pension contribution, you cannot contribute to your prior PERS account. You must meet all the eligibility requirements of the PERS with the new employer.It must be less than two consecutive years since your last pension contribution and.You must not have withdrawn from the PERS and.To be eligible for an Intrafund Transfer: You continue to contribute to and earn service credit in the same account. ![]()
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