July 1, 2014 Pension Rate and Health Benefit Contribution Increase

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July 1, 2014 – Pension Rate and Health Benefit Contributions Increase!   

On July 1, 2014 your Pension contribution increases from 6.78% to 6.92%.  This is the fourth year of a seven year increase that will culminate in 2018 at 7.5%.  This phased in increase parallels the State’s mandated pension contribution which is supposed to increase by 1/7 until the full mandated pension contribution is budgeted in 2018.

Also on July 1, 2014, depending on your contract, you may experience an increase in your health care contribution.  The link below will help you determine the cost of your contribution if you are in the SEHBP:

http://www.state.nj.us/treasury/pensions/hb-percentage-home.shtml

 

 

 

Summertime is a good time to learn more about your retirement  and is an important part of NJPSA’s member benefits.  Understanding your pension benefits is important for your overall retirement financial plan.  Whether you are a year or two away from retirement, or further out  – Summertime may provide you with the flexibility to use this member service as you think ahead.  (Read more)

 

The NJPSA Retirement and Benefits Department provides a variety of service to our members.

  • Retirement Consultations and workshops are part of your membership benefits:
    • Members are provided one-on-one Retirement consultations at the NJPSA Office – call for an appointment.  These are designed to help you plan for the future or prepare you for retirement within the year.
    • In-District Consultations can be arranged for 3+ members .  Summer is a good time for this!
    • Local and County Associations can ask for a retirement workshop as part of your meeting(s)
  • Call our office to set up!   –  609-860-1200 and ask for Bob Murphy or Cindy Levanduski.

 

  • Retirement Workshops are held periodically to help members better understand their Pension benefit.  The next scheduled workshops are:
    • July  30, 2014 from 9 am to noon at NJPSA 

http://secure.njpsa.org/njpsapublic/Core/Events/eventdetails.aspx?iKey=RET006&TemplateType=A

  • October 16 and 17, 2014 at the NJPSA/FEA Fall Conference in Long Branch.

 

 

  • The Director of Retirement Services serves as a liaison for the Association and its members at the TPAF Board meetings, The State Investment Council Meetings, Pension and Benefit and Review Commission meetings as well as All State Health Benefit Commission/Committee Meetings.