ASSEMBLY, No. 2492
STATE OF NEW JERSEY
INTRODUCED NOVEMBER 7, 1996
By Assemblyman AUGUSTINE
An Act concerning the retirement of certain members of the Police and Firemen's Retirement System of New Jersey and amending P.L.1944, c.255.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 5 of P.L.1944, c.255 (C.43:16A-5) is amended to read as follows:
5. (1) (a) Any member in service who has attained age 55 years may retire on a service retirement allowance upon filing a written and duly executed application to the retirement system, setting forth at what time, not less than 1 month subsequent to the filing thereof, he desires to be retired.
(b) Any member in service who attains age 65 years shall be retired on a service retirement allowance forthwith on the first day of the next calendar month.
Notwithstanding the foregoing provisions of this paragraph, an employer other than the State may authorize each member in service with that employer who shall have rendered active military service in the Armed Forces of the United States to continue employment with the employer and enrollment in the retirement system for a period of time following attainment of 65 years of age that shall not exceed the lesser of five years or the period of time spent in such active military service. Such authorization shall become effective upon adoption by the governing body of the employer of an appropriate ordinance or resolution, as the case may be, and the filing of a certified copy of that ordinance or resolution with the board of trustees of the retirement system, and upon such filing, the ordinance or resolution shall be irrevocable.
(2) Upon retirement for service a member shall receive a service retirement allowance which shall consist of:
(a) An annuity which shall be the actuarial equivalent of his aggregate contributions and
(b) A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of one-sixtieth of his average final compensation multiplied by the number of years of his creditable service, or 2% of his average final compensation multiplied by the number of years of his creditable service up to 30 plus 1% of his average final compensation multiplied by the number of years of creditable service over 30, whichever is greater.
(3) Upon the receipt of proper proofs of the death of a member who has retired on a service retirement allowance, there shall be paid to his beneficiary an amount equal to one-half of the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service.
(cf: P.L.1973, c.109, s.1)
2. This act shall take effect immediately.
This bill permits a local government employer of public safety officers covered by the Police and Firemen's Retirement System (PFRS) to continue certain of those officers in service with the employer past the regular PFRS mandatory retirement age of 65.
Under the bill, an employer other than the State could authorize those of its PFRS-covered employees who rendered active military service in the Armed Forces of the United States to continue employment with the employer and enrollment in the PFRS past age 65 for a period of time not to exceed the lesser of five years or the length of time spent in active military service. The authorization would take effect upon adoption by the governing body of the employer of an appropriate ordinance or resolution and the filing of a certified copy of that ordinance or resolution with the PFRS board of trustees. Once the ordinance or resolution was filed, the authorization would be irrevocable.
Permits service in PFRS-covered employment beyond age 65 in certain cases.