Establishes fringe benefit rate for State public higher education institutions; requires employer pay for health care benefits for certain part-time faculty.

This bill establishes a new calculation method for retirement costs at New Jersey's public colleges and universities (like Rutgers and NJIT), requiring the state to set a separate "fringe benefit rate" reflecting actual retirement expenses. It also requires public institutions to pay for health insurance coverage for part-time faculty (including adjuncts and lecturers) who taught at least 24 credits in the prior fiscal year and 12 credits in the current year, making them eligible for benefits as if they were full-time. Employers must cover the full cost of health plans, shifting this responsibility from part-time faculty who meet the teaching credit thresholds. The bill aims to standardize retirement cost accounting and expand health coverage access for qualifying part-time educators.