[Second Reprint]

SENATE, No. 2747

STATE OF NEW JERSEY

220th LEGISLATURE

INTRODUCED JUNE 2, 2022

Sponsored by:

Senator  ANDREW ZWICKER

District 16 (Hunterdon, Mercer, Middlesex and Somerset)

Senator  JAMES BEACH

District 6 (Burlington and Camden)

Co-Sponsored by:

Senators Cunningham, Diegnan, Johnson, Greenstein, Ruiz and Pou

SYNOPSIS

     Establishes fringe benefit rate for State colleges and universities.

CURRENT VERSION OF TEXT

     As reported by the Senate Budget and Appropriations Committee on June 27, 2023, with amendments.

An Act establishing a fringe benefit rate for State colleges and universities and supplementing Title 18A of the New Jersey Statutes.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

     1.    Beginning with the State fiscal year ¹[2024] ²[2023¹] 2025² and each fiscal year thereafter, the Director of the Division of Budget and Accounting in the Department of the Treasury shall establish a separate fringe benefit rate for State colleges and universities.  The separate fringe benefit rate shall reflect the actual cost of employee retirement programs at those colleges and universities, and shall be applied to all federal, dedicated, and non-State funded programs.

     2.    This act shall take effect immediately.