SENATE STATE MANAGEMENT, INVESTMENT AND FINANCIAL INSTITUTIONS COMMITTEE

STATEMENT TO

SENATE, No. 1988

STATE OF NEW JERSEY

DATED: MAY 15, 1997

      The Senate State Management, Investment and Financial Institutions Committee reports favorably Senate Bill No. 1988.

      This bill allows members of the Judicial Retirement System to purchase additional death benefit coverage in an amount equal to one and one-half times the member's compensation in the final year of service. The State House Commission shall establish schedules of contributions to be made by the members who elect to purchase the additional death benefit coverage. The contributions of a member for the additional death benefit coverage shall be deducted from the member's compensation.

      At its December 13, 1996 meeting, the Pension and Health Benefits Review Commission recommended that the Legislature enact an identical bill, A-2361, to provide "judges with the opportunity to purchase additional life insurance at no cost to the State."