ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1249

STATE OF NEW JERSEY

DATED: APRIL 1, 1996

      The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably Assembly, No. 1249.

      This bill amends current law to provide that any public employee veteran member of the Teachers' Pension and Annuity Fund (TPAF) who is in office, position or employment of this State or of a county, municipality, school district, board of education or other employer and who has attained 55, rather than 60, years of age and who has at least 30, rather than 35, years of aggregate service credit in such office, position or employment, shall be able to receive a retirement allowance of one-sixtieth of the compensation he received during the last year of employment upon which contributions to the annuity savings fund or contingent reserve fund are made for each year of creditable service.

      The bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which as been performed.