ASSEMBLY STATE GOVERNMENT COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1634

STATE OF NEW JERSEY

DATED: JUNE 27, 1996

      The Assembly State Government Committee reports favorably Assembly Bill No. 1634.

      This bill eliminates the provision in the alternate benefit program that if a participant dies after attaining age 70 or more, the life insurance benefit payable is reduced from 3 1/2 times to 1/2 the participant's base annual salary.

      The bill is to take effect upon enactment and is to be retroactive to July 1, 1995.

      On April 19, 1996, the Pension and Health Benefits Review Commission reviewed this legislation and issued its recommendation "that the Legislature approve A-1634 for reasons of equity and consistency."