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 enrolled in the Transit Employees' Retirement Program (TERP) before July 30, 2006, to receive service credit toward their PERS retirement. Specifically, it credits one year of service in PERS for every 3.5 years of service credited in TERP, provided TERP transfers all member and employer contributions (with interest) to PERS. The credit applies only if the funds are successfully transferred and the member hasn’t withdrawn their TERP contributions. It does not apply to members who already have vested retirement benefits in TERP. This adjustment helps align prior transit retirement service with PERS requirements.