Establishes fringe benefit rate for State colleges and universities.

This bill establishes a separate fringe benefit rate specifically for New Jersey public colleges and universities, effective starting in fiscal year 2025. Currently, these institutions use the same general state-wide fringe benefit rate as other state employees, but many university staff are enrolled in less expensive retirement plans (like the Alternative Benefit Plan) or have different benefit structures, causing a mismatch between actual costs and payments. The bill requires the Division of Budget and Accounting to calculate a rate reflecting the actual retirement costs for these employees. This change will apply to all federal, dedicated, and non-State funded programs at public colleges and universities.