Bill Text: NJ S2523 | 2016-2017 | Regular Session | Introduced
Bill Title: Requires retirement benefits of certain PANYNJ employees to be based on salary during certain years of service.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-09-12 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S2523 Detail]
Download: New_Jersey-2016-S2523-Introduced.html
Sponsored by:
Senator RAYMOND J. LESNIAK
District 20 (Union)
SYNOPSIS
Requires retirement benefits of certain PANYNJ employees to be based on salary during certain years of service.
CURRENT VERSION OF TEXT
As introduced.
An Act modifying the calculation of retirement benefits for certain employees of the Port Authority of New York and New Jersey and supplementing Title 32 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Retirement benefits for employees of the port authority shall be calculated using a final average salary that is the highest average of wages earned, excluding any wages for overtime compensation, during any three consecutive years provided that the years used to calculate the final average salary shall not include the final three years of service of that employee and further provided that the earnings in any year included in the period shall not exceed the average of the previous two years by more than 10 percent.
b. This section shall not apply to an employee who is:
(1) subject to the provisions of a collective bargaining agreement; or
(2) a member of a retirement system provided through employment with the port authority whose retirement benefits have vested as of the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill).
2. This act shall take effect upon the enactment into law by the State of New York of legislation having an identical effect, but if the State of New York shall have already enacted such legislation, then this act shall take effect immediately.
STATEMENT
This bill requires that the retirement benefits for certain employees of the Port Authority of New York and New Jersey be based on the highest average of wages earned during any three consecutive years of employment, provided that those years do not include the employee's final three years of service. Overtime pay is not to be included in the calculation. The bill prohibits the earnings in any year included in the period from exceeding the average of the previous two years by more than 10 percent.
The bill does not apply to employees who are subject to the provisions of a collective bargaining agreement. The bill also does not apply to employees whose retirement benefits have vested as of the effective date of the bill.
