ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE

 

STATEMENT TO

 

ASSEMBLY, No. 1240

 

with committee amendments

 

STATE OF NEW JERSEY

 

DATED: SEPTEMBER 16, 1996

 

      The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably and with committee amendments Assembly, No. 1240.

      This bill lowers from 62 to 60 the age at which a member of the Public Employees' Retirement System (PERS) who is a veteran and has 20 years of continuous or aggregate service credit in the retirement system can retire on the veterans' retirement allowance.

      This bill was prefiled for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.

 

COMMITTEE AMENDMENT

 

      The committee amended the bill to eliminate certain provisions which would increase the pension benefit to persons who retired prior to the bill's effective date and to conform the bill's provisions to changes in the law resulting from enactment of P.L.1995, c.332. As amended, the bill's sole purpose would be to reduce from age 62 to 60 the age at which a PERS member would be eligible for a special veteran's retirement.