ASSEMBLY, No. 2966

 

STATE OF NEW JERSEY

 

INTRODUCED MAY 12, 1997

 

 

By Assemblywoman TURNER, Assemblymen KRAMER and Gusciora

 

 

An Act concerning public employee veteran member benefits and amending P.L.1954, c.84.

 

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

 

    1. Section 61 of P.L.1954, c.84 (C.43:15A-61) is amended to read as follows:

    61. a. (Deleted by amendment, P.L.1995, c.332.)

    b. (1) Any public employee veteran member in office, position or employment of this State [or of a county, municipality, public agency, school district or board of education and] who (a) shall have attained [62] 60 years of age and [who] has 20 years of aggregate service credit in such office, position or employment, or (b) shall have attained 55 years of age and has 25 years of aggregate service credit in such office, position or employment, shall have the privilege of retiring for service and receiving, instead of the retirement allowance provided under section 48 of this act, a retirement allowance of one-half of the compensation for which contributions are made during the 12-month period of membership providing the largest possible benefit to the member or the member's beneficiary.

    (2) Any public employee veteran member in office, position or employment of a county, municipality, public agency, school district or board of education who shall have attained 62 years of age and has 20 years of aggregate service credit in such office, position or employment shall have the privilege of retiring for service and receiving, instead of the retirement allowance provided under section 48 of this act, a retirement allowance of one-half of the compensation for which contributions are made during the 12-month period of membership providing the largest possible benefit to the member or the member's beneficiary, except that a county, municipality, public agency, school district or board of education may permit (a) any public employee veteran member in office, position or employment of the county, municipality, public agency, school district or board of education who shall have attained 60 years of age and has 20 years of aggregate service credit in such office, position or employment, or (b) any public employee veteran member in office, position or employment of the county, municipality, public agency, school district or board of education who shall have attained 55 years of age and has 25 years of aggregate service credit in such office, position or employment, or (c) both, to retire for service and receive, instead of the retirement allowance provided under section 48 of this act, a retirement allowance of one-half of the compensation for which contributions are made during the 12-month period of membership providing the largest possible benefit to the member or the member's beneficiary. The authorization for such retirement shall become effective upon adoption by the appropriate governing body 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. Upon such filing, the ordinance or resolution shall be irrevocable. The actuary shall determine the liability of the retirement system for the provision of the benefit provided, and the liability shall be added to the unfunded accrured liability of the county, municipality, public agency, school district or board of education under the retirement system and shall be paid in the same manner and over the remaining time period provided for the employer's unfunded accrued liability under sections 24, 68, and 81 of P.L.1954, c.84 (C.43:15A-24, 68, and 81).

    c. Any public employee veteran member who has been for 20 years in the aggregate in office, position or employment of this State or of a county, municipality, public agency, school district or board of education as of January 2, 1955, shall have the privilege of retiring for ordinary disability and of receiving, instead of the retirement allowance provided under section 45 of this act, a retirement allowance of one-half of the compensation received during the last year of employment upon which contributions to the annuity savings fund or contingent reserve fund are made. Such retirement shall be subject to the provisions governing ordinary disability retirement in sections 42 and 44 of this act.

    d. Any public employee veteran member who shall be in office, position or employment of this State or of a county, municipality, public agency, school district or board of education and who shall have attained 60 years of age and who has at least 35 years of aggregate service credit in such office, position or employment, shall have the privilege of retiring for service and receiving 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.


    e. The death benefit provided in section 48 shall apply in the case of any member retiring under the provisions of subsections [a.,]

 b. and d. of this section. The death benefit provided in section 45 shall apply in the case of any member retiring under the provisions of subsection c. of this section.

(cf: P.L.1995,c.332,s.2)

 

    2. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill (1) reduces from 62 to 60 the age at which a veteran member of the Public Employees' Retirement System in office, position, or employment of the State who has 20 years of aggregate service credit may retire on the special veterans' retirement allowance of one-half of the compensation for which contributions were made during the 12-month period of membership providing the largest possible benefit, and (2) provides that such a veteran member of PERS who has attained 55 years of age and has 25 years of aggregate service credit may retire on the special veterans' retirement allowance.

    The bill also permits a county, municipality, public agency, school district or board of education (1) to reduce from 62 to 60 the age at which a veteran member of the Public Employees' Retirement System in office, position, or employment of the county, municipality, public agency, school district or board of education who has 20 years of aggregate service credit may retire on the special veterans' retirement allowance, or (2) to provide that a veteran member of PERS in office, position, or employment of the county, municipality, public agency, school district or board of education who has attained 55 years of age and has 25 years of aggregate service credit may retire on the special veterans' retirement allowance, or (3) to do both. Any such authorization shall be irrevocable. The cost of the benefit provided shall be added to the unfunded liability of the county, municipality, public agency, school district or board of education and be paid by it.

 

 

                             

Revises retirement provisions for PERS members who are veterans.