Click on the Frequently Asked Questions below to reveal the answer to each.
What happens to my medical benefits if I pass away, does my beneficiary still receive them?
In the event of passing away your beneficiary may continue on your medical benefits, However if there was a subsidy or “discount” that applied for the passing staff member, that benefit does not continue on.
Can I list my spouse and children as the beneficiaries of my pension?
Unfortunately you may not list both your spouse and children as beneficiaries of your pension you may only choose one. Furthermore if the beneficiary is a non spouse there are age limitations for who you may leave it to.
Are my benefits taxed at the state and federal level?
Pension benefits are always taxed at the federal level. When it comes to State Tax, in New Jersey, you do not pay taxes on your contributions, once all withdrawals of contributions are taken, then you will start paying state tax.
Can I buy back more time?
Only active members of the retirement systems are permitted to purchase service credit. An active member is one who has not retired or withdrawn, and who has made a contribution to the retirement system within two consecutive years of the purchase request.
What does “vested” mean when it pertains to my Pension?
You are vested in the TPAF after you have attained 10 years of service credit. Being vested in the TPAF means that you are guaranteed the right to receive a retirement when you reach normal retirement age.
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