N.J. Admin. Code § 17:1-3.12

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:1-3.12 - Interfund transfers; accumulated interest

(a) Notwithstanding the provisions of 17:2-7.1, 17:3-7.1, 17:4-7.1 and 17:10-6.1 concerning interfund transfers of members between State-administered retirement systems, accumulated interest credited to the member's account in the former system will only be transferred as part of such member's contributions to the new system if the new system likewise credits interest to its member accounts.

(b) If the new system does not credit interest to its member accounts then only the contributions actually made by the member to the former system will be transferred to the new system when an interfund transfer occurs.