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

This bill allows current members of New Jersey's Public Employees' Retirement System (PERS) who were previously in the Transit Employees' Retirement Program (TERP) before July 30, 2006, to count their TERP service toward PERS retirement benefits. Specifically, it credits one year of service in PERS for every 3.5 years of service credited in TERP, provided all member contributions (with interest) and employer funds are transferred from TERP to PERS. This applies only if the member hasn't withdrawn TERP funds and doesn't already have a vested retirement right in TERP. The policy change directly affects transit workers transitioning from TERP to PERS who have prior service in the transit program.