Provides service credit for PERS member for former membership in transit retirement program.

This bill allows active members of New Jersey's Public Employees' Retirement System (PERS) who were enrolled in the Transit Employees' Retirement Program (TERP) of New Jersey Transit Corporation on or before July 30, 2006, to receive service credit in PERS for their prior TERP service. Specifically, it provides one year of PERS service credit for every 3.5 years of service in TERP, but only if TERP transfers all accumulated member contributions (with interest) and employer contributions to PERS. If members withdrew their TERP funds or the transfer cannot occur, they do not receive the credit. This applies only to those without a vested retirement benefit in TERP based on that service.