ASSEMBLY STATE GOVERNMENT COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1249

STATE OF NEW JERSEY

DATED: MAY 1, 1997

      The Assembly State Government Committee reports favorably Assembly, No. 1249.

      This bill reduces the age and service requirements under the Teachers' Pension and Annuity Fund (TPAF) for a veteran's retirement benefit computed under the formula of 1/60 (1⅔%) of final year's salary times the number of years of creditable service. Currently, a veteran TPAF member must have attained age 60 and accrued at least 35 years' aggregate service to qualify for calculation of the benefit at that rate. Under the bill, the member would qualify for calculation of the benefit at the formula rate at age 55 with 30 years' service.