SENATE, No. 1520

 

STATE OF NEW JERSEY

 

INTRODUCED OCTOBER 3, 1996

 

 

By Senator SINAGRA

 

 

An Act concerning the retirement allowance of certain veteran members of the Teachers' Pension and Annuity Fund and amending N.J.S.18A:66-71.

 

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

 

    1. N.J.S.18A:66-71 is amended to read as follows:

    18A:66-71. a. Any public employee veteran member in office, position or employment of this State or of a county, municipality, or school district, board of education or other employer who (1) has or shall have attained the age of 60 years and has or shall have been for 20 years continuously or in the aggregate in office, position or employment of this State or of a county, municipality or school district, board of education or other employer, or (2) has or shall have attained the age of 55 years and has or shall have been for 25 years continuously or in the aggregate in that office, position or employment, shall have the privilege of retiring for service and of receiving, instead of the retirement allowance provided under N.J.S.18A:66-44, 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.

    b.    (Deleted by amendment, P.L.1984, c.69.)

    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 or school district, board of education or other employer as of January 1, 1955, shall have the privilege of retiring for ordinary disability and of receiving, instead of the retirement allowance provided under N.J.S.18A:66-41, 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 N.J.S.18A:66-39 and N.J.S.18A:66-40.

    d.    Any public employee veteran member who shall be in office, position or employment of this State or of a county, municipality, school district, board of education or other employer and who shall have attained [60] 55 years of age and who has at least [35] 30 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 N.J.S.18A:66-44 shall apply in the case of any member retiring under the provisions of subsections a. and d. of this section and in the case of any member who has previously retired under the provisions of subsection b. of this section before said subsection was amended by this act. The death benefit provided in N.J.S.18A:66-41 shall apply in the case of any member retiring under the provisions of subsection c. of this section.

    f.    A member who purchases service credit pursuant to any provision of the "Teachers' Pension and Annuity Fund Law" (N.J.S.18A:66-1 et seq.) is entitled to apply the credit for the purpose of satisfying any of the service requirements of that act.

(cf: P.L.1995, c.332, s.1)

 

    2. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill amends current law to provide that any public employee veteran member of the Teachers' Pension and Annuity Fund (TPAF) who is in office, position or employment of this State or of a county, municipality, school district, board of education or other employer and who has attained 55, rather than 60, years of age and who has at least 30, rather than 35, years of aggregate service credit in such office, position or employment, shall be able to receive 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.

 

 

                             

Allows certain TPAF veteran retirees to receive an increased retirement allowance.