Establishes fringe benefit rate for State colleges and universities.

This bill requires New Jersey to establish a separate fringe benefit rate specifically for state colleges and universities, effective with fiscal year 2025. Currently, these institutions use the same general state employee rate for benefits, but their staff often participate in less costly retirement plans (like the Alternative Benefit Plan) compared to other state employees. The new rate will reflect the actual cost of employee retirement programs at these schools. This change applies to all federal, dedicated, and non-State funded programs at public colleges and universities.