ASSEMBLY APPROPRIATIONS COMMITTEE
ASSEMBLY, No. 5785
STATE OF NEW JERSEY
DATED: JUNE 16, 2021
The Assembly Appropriations Committee reports favorably Assembly Bill No. 5785 (1R).
This bill allows prosecutors hired on or after May 21, 2010 to enroll in the Prosecutors Part of the Public Employees’ Retirement System (PERS) which was originally established on January 7, 2002, but closed to new members on May 21, 2010. The bill restores equity among all prosecutors by enrolling them in the same part of the PERS. The bill will empower the Attorney General and County Prosecutors throughout the State to attract skilled and diverse attorneys and retain experienced prosecutors committed to promoting public safety and seeking equal justice under the law.
Any service credit accrued in regular PERS as a prosecutor prior to the effective date of this bill would be established in the Prosecutors Part without further assessment or cost to the prosecutor, in accordance with the original provisions of P.L.2001, c.366 (C.43:15A-155 et seq.).
As amended, the bill provides that county prosecutors or acting county prosecutors enrolled in the Defined Contribution Retirement Program (DCRP) may purchase service credits in the Prosecutors Part for the amount initially contributed during each fiscal year of membership in DCRP.
The Office of Legislative Services (OLS) concludes that this bill will result in an unfunded liability in the Public Employees’ Retirement System (PERS) payable by the State and counties as public employers because prosecutors will be given service credit in the Prosecutors Part without assessment of the full cost for such credit. The employee contributions for and the retirement benefits in the Prosecutors Part are greater than those in the PERS.