Bill Text: NJ S3100 | 2014-2015 | Regular Session | Introduced
Bill Title: Requires State to pay its pension contributions on quarterly basis by August 1, November 1, February 1 and May 1 of each year.
Spectrum: Partisan Bill (Democrat 13-0)
Status: (Vetoed) 2015-08-10 - Absolute Veto, Received in the Senate [S3100 Detail]
Download: New_Jersey-2014-S3100-Introduced.html
Sponsored by:
Senator ROBERT M. GORDON
District 38 (Bergen and Passaic)
Senator LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
SYNOPSIS
Requires State to pay its pension contributions on quarterly basis by August 1, November 1, February 1 and May 1 of each year.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the payment of the State's required contributions to certain State-administered retirement systems and amending P.L.2010, c.1.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 38 of P.L.2010, c.1 (C.43:3C-14) is amended to read as follows:
38. Commencing July 1, 2011 and thereafter, the contribution required, by law, to be made by the State to the Teachers' Pension and Annuity Fund, established pursuant to N.J.S.18A:66-1 et seq., the Judicial Retirement System, established pursuant to P.L.1973, c.140 (C.43:6A-1 et seq.), the Prison Officers' Pension Fund, established pursuant to P.L.1941, c.220 (C.43:7-7 et seq.), the Public Employees' Retirement System, established pursuant to P.L.1954, c.84 (C.43:15A-1 et seq.), the Consolidated Police and Firemen's Pension Fund, established pursuant to R.S.43:16-1 et seq., the Police and Firemen's Retirement System, established pursuant to P.L.1944, c.255 (C.43:16A-1 et seq.), and the State Police Retirement System, established pursuant to P.L.1965, c.89 (C.53:5A-1 et seq.), shall be made in full each year to each system or fund in the manner [and at the time] provided by law on the following schedule: at least 25 percent by August 1, at least 50 percent by November 1, at least 75 percent by February 1, and at least 100 percent by May 1. The contribution shall be computed by actuaries for each system or fund based on an annual valuation of the assets and liabilities of the system or fund pursuant to consistent and generally accepted actuarial standards and shall include the normal contribution and the unfunded accrued liability contribution. The State with regard to its obligations funded through the annual appropriations act shall be in compliance with this requirement provided the State makes a payment, to each State-administered retirement system or fund, of at least 1/7th of the full contribution, as computed by the actuaries, in the State fiscal year commencing July 1, 2011 and a payment in each subsequent fiscal year that increases by at least an additional 1/7th until payment of the full contribution is made in the seventh fiscal year and thereafter.
(cf: P.L.2010, c.1, s.38)
2. This act shall take effect immediately.
STATEMENT
This bill requires the State to make its required contributions to the State-administered defined benefit retirement systems each State fiscal year on a quarterly basis on the following schedule: at least 25 percent by August 1, at least 50 percent by November 1, at least 75 percent by February 1, and at least 100 percent by May 1. The State-administered defined benefit retirement systems are the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Prison Officers' Pension Fund, the Public Employees' Retirement System, the Consolidated Police and Firemen's Pension Fund, the Police and Firemen's Retirement System, and the State Police Retirement System.
The bill would take effect immediately.
