SENATE, No. 550

STATE OF NEW JERSEY

INTRODUCED JANUARY 29, 1996

By Senator HAINES

An Act concerning the retirement allowance of certain members of the Judicial 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 section 8 of P.L.1973, c.140 (C.43:6A-8) or any other law or regulation to the contrary, any judge of the several courts who was nominated and confirmed for his initial seven-year term on or after July 1, 1991 and sworn in on or before September 15, 1991, is subsequently reappointed and confirmed, and shall have served at least 10 years less 290 days successively as a judge of the several courts, having attained the age of 70 years, shall be retired and shall receive a retirement allowance consisting of an annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest, and a pension which, when added to the member's annuity, will provide a retirement allowance during the remainder of his life in the amount equal to three-quarters of his final salary.

    2. This act shall take effect immediately.

STATEMENT

    This bill provides that any member of the Judicial Retirement System (JRS) who was nominated and confirmed for his initial seven-year term on or after July 1, 1991 and sworn in on or before September 15, 1991, is subsequently reappointed and confirmed following the member's initial seven-year term, has served as a judge for at least 10 years less 290 days successively, and has attained the age of 70 years shall retire and may apply for the maximum pension of three-fourths of his final salary. Current law mandates retirement for members of the JRS at 70 years of age. Any member who has served at least 10 years as a judge is eligible for a retirement allowance of three-fourths of final salary.

Provides maximum pension to certain members of the Judicial Retirement System.