State of New Jersey Pension & Benefits
The State of New Jersey's Division of Pensions and Benefits is managed under the Department of Treasury. The division provides health benefits and a variety of retirement schemes specially designed for public personnel as well as teachers, police personnel and other state employees.
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Health Benefits
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The division provides health plans to state employees and certain local government employees under a few different plans. The State Health Benefits Plan provides medical coverage to state employees, retirees and their dependents. A separate plan, the School Employees' Health Benefits Program, manages the health care needs of local education employees, retirees and their dependents. Other health benefits offered by the state include the Prescription Drug Plan and the Employee Dental Plan.
Retirement Benefits
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The division offers the Public Employees Retirement System for pension benefits to state and public employees. Other plans are offered for specific groups of personnel. These include the Teachers' Pension and Annuity Fund, Police and Firemen's Retirement System, State Police Retirement System, Judicial Retirement System, Prison Officer's Pension Fund and Alternative Benefit System for full-time faculty of higher education institutions.
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Other Benefits
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The division also makes available voluntary contributory plans for investments, annuities and insurance all of which are in addition to the state pension plans. An online system, MBOS, makes it easy for state employees to manage their accounts or to apply for loans against their pensions. Counseling appointments and retirement workshops make the division accessible to employees year-round.
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