Establishes fringe benefit rate for State colleges and universities.

This bill establishes a separate fringe benefit rate for New Jersey's public colleges and universities, starting in fiscal year 2025. Currently, these institutions use a general state rate that doesn't reflect their actual employee benefit costs - many staff are in the less expensive Alternative Benefit Plan (ABP) rather than the standard Public Employees' Retirement System (PERS). The new rate will be based on the actual cost of retirement programs at these institutions and applied to all federal, dedicated, and non-State funded programs. This change directly affects public higher education funding by aligning benefit costs with actual employee retirement plan expenses.