Provides service credit for PERS member for former membership in transit retirement program.

This bill allows members of New Jersey's Public Employees' Retirement System (PERS) who were previously in the Transit Employees' Retirement Program (TERP) before July 30, 2006, to count their TERP service toward PERS retirement benefits. Specifically, it provides one year of PERS service credit for every 3.5 years of service credited in TERP, provided all member and employer contributions (with interest) are transferred to PERS. The service credit applies only if the TERP funds are fully transferred and the member does not already have vested retirement benefits in TERP. This change ensures transit workers who moved to PERS after TERP's transition receive full credit for their prior service without needing additional contributions.