Bill Text: NJ S3412 | 2024-2025 | Regular Session | Introduced
Bill Title: Requires temporary benefit enhancement to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PFRS; makes appropriation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-06-10 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S3412 Detail]
Download: New_Jersey-2024-S3412-Introduced.html
Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
SYNOPSIS
Requires temporary benefit enhancement to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PFRS; makes appropriation.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning temporary benefit enhancements for certain retired public employees and beneficiaries and making an appropriation.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Notwithstanding the provisions of the "Pension Adjustment Act," P.L.1958, c.143 (C.43:3B-1 et seq.), a temporary benefit enhancement shall be provided to the retirement allowance or pension of a retirant and the pension or survivorship benefit of any beneficiary of the Police and Firemen's Retirement System when the allowance, pension, or benefit on January 1, 2024 and January 1, 2025, as appropriate, is at or below 450 percent of the federal poverty level as set for a household of one. The enhancement shall be paid once during State fiscal year 2025 and once during State fiscal year 2026.
b. The amount of each temporary benefit enhancement shall be $1,000.
c. Notwithstanding the provisions of any law or regulation to the contrary, the temporary benefit enhancements shall be paid as a separate payment or as an addition to the monthly retirement allowance, pension, or benefit payable to the retirant or beneficiary on December 1, 2024 and December 1, 2025.
d. (1) The cost of the temporary benefit enhancements required by this section shall be paid by the State and shall be appropriated from the State General Fund to a separate non-lapsing account and distributed to qualifying retirants and beneficiaries in the amount specified pursuant to subsection b. of this section.
(2) The board of trustees of the Police and Firemen's Retirement System shall certify to the Director of the Division of Budget and Accounting in the Department of the Treasury the amount necessary to pay for the cost of the temporary benefit enhancements made pursuant to this section and necessary administrative costs.
e. Any person who is eligible to receive a temporary benefit enhancement, under the provisions of this section may waive, at any time, the right thereto by filing a written notice of waiver with the board of trustees of the Police and Firemen's Retirement System. The application for the waiver of all or part of the benefit shall be made by the retirant or beneficiary at least 30 days prior to the desired effective date on a form satisfactory to the board of trustees.
2. There is hereby appropriated from the State General Fund to a separate non-lapsing fund for distribution to qualifying retirants and beneficiaries in the amount specified pursuant to subsection b. of section 1 of this act, P.L. , c. (pending before the Legislature as this bill), by the board of trustees of the Police and Firemen's Retirement System to the Director of the Division of Budget and Accounting in the Department of the Treasury as necessary to provide for the cost of the temporary benefit enhancements required to be provided in addition to the retirement allowances, pensions, and survivorship benefits, plus necessary administrative costs under section 1 of this act.
3. This act shall take effect immediately.
STATEMENT
This bill would provide for a temporary benefit enhancement payable in each of the two State fiscal years 2025 and 2026 for certain retired public employees and their beneficiaries who are receiving monthly payments from the Police and Firemen's Retirement System.
The temporary benefit enhancement would be provided only to those retirees and beneficiaries who are receiving an amount that is at or below 450 percent of the federal poverty level as set for a household of one.
The amount of each temporary benefit enhancement would be $1,000.
The bill requires the State to fund the cost of these enhancements and makes an appropriation for that purpose.
