Employees who are enrolled in the pension system, can create an account on the Member Benefits Online System (MBOS). Once there, you can register by following the four step process. You will need your retirement membership number which can be provided by the Payroll Dept. If you have any difficulty, please contact the MBOS help desk at 609-777-0534. When your account is established, many forms can be completed online.
Loans can be taken against your pension if you have been enrolled for 3 years and 3 months. You can borrow from your pension account two times within a calendar year at the present interest rate of 4.69%. This rate may change annually. There is an administrative processing fee of $8.00. Loans are made in multiples of ten dollars. The minimum loan amount is $50. The maximum is one-half of the contributions you have to your account up to $50,000. Loans are repaid through payroll deductions. The minimum deduction is set by law at 5.50% of base salary for Public Employees' Retirement System and 8.50% for Police and Firemen's. The Internal Revenue Service requires that all loans are paid within 5 years. Because of this, some members with large outstanding loan balances may be required to pay more than the minimum amount. Upon termination of employment, Withdrawal forms can be submitted to the Payroll department for completion. We will be happy to type it up and send to Trenton to process. We cannot complete the form until the employee's final paycheck has been processed. Withdrawal from Contributory Life Insurance forms are available in the Payroll department. You must be enrolled in the Public Employees' Retirement System for one year. There are no refunds of deductions and you may not rejoin after you have disenrolled.