ASSEMBLY, No. 2566

STATE OF NEW JERSEY

INTRODUCED DECEMBER 12, 1996

By Assemblyman ROBERTS and Assemblywoman VANDERVALK

An Act concerning the retirement of certain members of the Police and Firemen's Retirement System of New Jersey.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. Notwithstanding the provisions of P.L.1944, c.255 (C.43:16A-1 et seq.) to the contrary, a member of the Police and Firemen's Retirement System whose application for retirement, to be effective September 1, 1996, had been approved by the board of trustees and who died less than 40 days before the date of retirement, with at least 24 years and 11 months of service credit at the time of death, shall be deemed to have retired with 25 years of service credit if the surviving beneficiary makes that request in writing to the board within 60 days after the effective date of this act. Upon approval by the board, the request shall become irrevocable, and the survivors of the member shall receive all benefits due to survivors of a member who retired pursuant to the provisions of section 16 of P.L.1964, c.241 (C.43:16A-11.1).

    2. This act shall take effect immediately.

STATEMENT

    This bill provides that a member of the Police and Firemen's Retirement System whose application for retirement, to be effective September 1, 1996, had been approved by the board of trustees and who died less than 40 days before the date of retirement, with at least 24 years and 11 months of service credit at the time of death, shall be deemed to have retired with 25 years of service credit if the surviving beneficiary makes that request in writing to the board within 60 days after the effective date of this act. Upon approval by the board, the request shall become irrevocable, and the survivors of the member shall receive all benefits due to survivors of a member who retired with 25 years of service credit.

    Survivors' benefits are: (1) a death benefit in an amount equal to 1/2 of the member's compensation in the last year of creditable service; (2) a pension for the surviving spouse of 50% of average final compensation plus 15% of such compensation to one surviving child or 25% of such compensation to two or more children, or if there is no surviving spouse or the spouse dies or remarries, 20% of average final compensation to one surviving child, 35% to two surviving children, and 50% to three or more children (average final compensation is the average of the member's three highest-paid years of service); and (3) paid health benefits coverage, if the employing municipality participates in the State Health Benefits Program and has exercised the option to so provide.

Provides for certain members of PFRS whose application for retirement was approved but who died before retirement to be declared retirees.