Bill Text: NJ A2884 | 2024-2025 | Regular Session | Amended
Bill Title: Provides for purchase of PFRS credit for service as class two special law enforcement officer.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Introduced) 2024-03-04 - Reported out of Asm. Comm. with Amendments, and Referred to Assembly Public Safety and Preparedness Committee [A2884 Detail]
Download: New_Jersey-2024-A2884-Amended.html
ASSEMBLY, No. 2884
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblyman ANTHONY S. VERRELLI
District 15 (Hunterdon and Mercer)
Assemblyman ROBERT J. KARABINCHAK
District 18 (Middlesex)
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Co-Sponsored by:
Assemblywomen Murphy, Speight, Assemblymen McClellan and Simonsen
SYNOPSIS
Provides for purchase of PFRS credit for service as class two special law enforcement officer.
CURRENT VERSION OF TEXT
As reported by the Assembly State and Local Government Committee on March 4, 2024, with amendments.
An Act concerning the purchase of credit in the Police and Firemen's Retirement System for certain service and amending P.L.1991, c.153.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 3 of P.L.1991, c.153 (C.43:16A-11.11) is amended to read as follows:
3. A member of the Police and Firemen's Retirement System may file a detailed statement of public employment in other states or with the United States Government which would be eligible for credit in a State-administered retirement system if the employment was with a public employer in this State, or of military service in the Armed Forces of the United States, or of public employment as a class two special law enforcement officer with a public employer in this State 1including time taken during such public employment to complete a basic police training course required for that employment1, rendered prior to becoming a member, for which the member desires credit, and of such other facts as the retirement system may require. The member may purchase credit for all or a portion of the service evidenced in the statement up to the nearest number of years and months, but not exceeding 10 years, provided however, that a member purchasing that maximum credit may purchase up to five additional years for additional military service qualifying the member as a veteran as defined in section 1 of P.L.1983, c.391 (C.43:16A-11.7). No application shall be accepted for the purchase of credit for the service if, at the time of application, the member has a vested right to retirement benefits in another retirement system based in whole or in part upon that service.
The member may purchase credit for the service by paying into the annuity savings fund the amount required by applying the factor, supplied by the actuary as being applicable to the member's age at the time of the purchase, to the member's salary at that time, or to the highest annual compensation for service in this State for which contributions were made during any prior fiscal year of membership, whichever is greater. The purchase may be made in regular installments equal to at least 1/2 of the full normal contribution to the retirement system, over a maximum period of 10 years. The employer of a member who applies, pursuant to this section, to purchase credit for public employment with the United States Government or for military service in the Armed Forces of the United States or for public employment as a class two special law enforcement officer with a public employer in this State shall not be liable for any payment to the retirement system on behalf of the member for the purchase of this credit.
Notwithstanding any provision of this act to the contrary, a member shall not be liable for any costs associated with the financing of pension adjustment benefits and health care benefits for retirees when purchasing credit for public employment in other states or with the United States Government or military service in the Armed Forces of the United States or for public employment as a class two special law enforcement officer with a public employer in this State.
Any member electing to purchase the service who retires prior to completing payments as agreed with the retirement system will receive pro rata credit for service purchased prior to the date of retirement, but if the member so elects at the time of retirement, the member may make the additional lump sum payment required at that time to provide full credit.
Purchase of credit for service as a class two special law enforcement officer shall be permitted only if the break between service as such an officer and the date of their 1[appointment to a position covered by] enrollment in1 the Police and Firemen's Retirement System is less than 120 days. Members of the retirement system who are enrolled on the effective date of P.L. , c. (pending before the Legislature as this bill) shall have only one year from that effective date to apply for such a purchase. 1The board of trustees shall notify all members of the retirement system of the provisions of this act, P.L. , c. (pending before the Legislature as this bill).1
(cf: P.L.1991, c.153, s.3)
2. This act shall take effect immediately.
