Establishes fringe benefit rate for State public higher education institutions; requires employer pay for health care benefits for certain part-time faculty.

This bill establishes a separate fringe benefit rate for New Jersey's public higher education institutions (like Rutgers and NJIT), reflecting actual retirement costs instead of the previous general rate, with a $47 million cap on increased costs. It requires public colleges and universities to pay for health care benefits for part-time faculty who teach at least 24 credits in a fiscal year (July-June) and 12 credits between July 1 and December 31. Part-time faculty meeting these credit thresholds will be treated as full-time for health coverage eligibility, with billing proportional to the credits taught. The bill amends existing law to ensure institutions cover these costs, replacing the prior system where part-time faculty typically paid full health care premiums.