HUMAN RESOURCES
Early Retirement Incentive (ERI)
April 18, 2002

Dear Faculty and Staff,

Governor James E. McGreevey has announced that he will propose to the Legislature an Early Retirement Incentive (ERI) for eligible State employees. The Governor's proposal includes eligible, full-time State employees who retire February 1, 2002 through

July 1, 2002. Due to the narrow window of opportunity on this ERI, the Division of Pensions and Benefits has already begun work on identifying the employees that are expected to be eligible and preparing notification materials for distribution by April 22, 2002. Those employees that are expected to qualify will be notified by mail. If you are eligible for ERI and have not received an application, please contact the Office of Human Resources.

In addition, the Division of Pensions and Benefits and the Office of Human Resources have scheduled an ERI workshop at Kean University on May 13, 2002. If you are eligible for ERI and are interested in attending the on-site workshop, please complete the enclosed reservation form and return it to the Office of Human Resources. Completion of this form will allow the Division of Pensions and Benefits to prepare an individual estimate of retirement benefits. This ERI workshop is by appointment only and is limited to one morning session (9 AM – 12 PM) and one afternoon session (1 PM – 4 PM) with a capacity of 50 employees per session. If you cannot attend the ERI workshop on

May 13, 2002, you may attend an ERI workshop at the Division of Pensions and Benefits. These workshops are by appointment only.

Please keep in mind that legislation is required before we have the legal authority to process any retirements under the ERI. Changes to the proposed program are also possible during the legislative process. If changes are made, we will have to adjust accordingly. To assist you, I have enclosed an Early Retirement Incentive informational handout. This is your best source of information at the present time. Further information can be obtained by contacting the Office of Human Resources at (908) 527-2150. All Human Resources staff can answer general questions. For more technical questions, please ask for Margaret Tsui or Adrian Billinghurst. During the ERI phase, consultation with Margaret Tsui will be by appointment only.

Sincerely,

Richeleen Dashield
Director of Human Resources

WHERE TO FIND ERI PROGRAM INFORMATION

State Early Retirement Incentive Program Internet Site

www.state.nj.us/treasury/pensions/stateeri.htm

This is your best source of information about the ERI program. The site is available 24 hours a day and is updated as events occur. FAQ's are catalogued with the correct answer. Also included is a link to an interactive retirement estimate calculator.

Benefit Information Library

The Benefit Information Library (BIL) is an automated telephone system available 24 hours a day, 7 days a week. BIL provides recorded messages on topics of interest to employees, retirees, and employers. At the end of many messages, you can order a fact sheet or forms related to the topic and have them either mailed or faxed to you. A catalog of BIL selections applicable to this State ERI is shown below. To access BIL, call

(609) 777-1931 from a touch-tone telephone.

ERI Topics

For information concerning the ERI program of 2002, please enter information selection 500 when prompted. You will hear a brief introduction and instructions on how to receive further information. Additional ERI topics are listed below:

Number ERI Topic Number ERI Topic
500 General Early Retirement Information 505 Information about the Alternate Benefits Program and the ERI – Category 1
501 Eligibility for Category 1 of the ERI program 506 Information about the Alternate Benefits Program and the ERI – Category 2
502 Eligibility for Category 2 of the ERI program 507 Information about the Alternate Benefits Program and the ERI – Category 3
503 Eligibility for Category 3 of the ERI 508 State Health Benefits Program and the ERI
504 ERI Workshop Information 509 ERI Retirement Date Extensions
  Purchase Information   Taxes
220 Purchasing Service Credit 120 Federal Tax Liability
221 Estimating the Cost of a Purchase 121 NJ State Tax Liability
223 Purchasing Temporary Service   State Health Benefits Program
224 Purchasing Leave of Absence 130 Available Plan to Retirees
222 Purchasing Former Membership 131 Changing Your Plan or Adding Dependents When Retired
  Retirement Information 254 Continuation of Coverage Under COBRA
201 Loans, Arrears, or Shortages at Retirement   Tax Deferred Plans
202 Retirement Options 263 NJ Deferred Compensation Plan
204 Veterans Status/Establishing Veteran Status 264 Tax$ave Program

Additional Sources of Information

Division of Pensions and Benefits Counselors

• Call Center can be reached at (609) 292-7524 and operates from 9:00 AM until 4:00 PM daily, Monday through Friday, excluding State holidays.

• Counselors are available for individual consultations from 7:40 AM through 5:00 PM during the ERI period. All consultations are on a first come, first served basis.

• E-mail the Division at: pensions_eri@tre.state.nj.us They will try to respond within three business days.

• Write to the Division at: Division of Pensions and Benefits, P.O. Box 295, Trenton, NJ 08625-0295.

Early Retirement Incentive Workshop at Kean University

Monday, May 13, 2002

University Center, Room 337A and B

9:00 a.m. —12:00 p.m.

1:00 p.m. --- 4:00 p.m.

Click Here for the Early Retirement Incentive Workshop Reservation Form. Complete and return the form to the Office of Human Resources no later than May 1, 2002.