SENATE, No. 2072
STATE OF NEW JERSEY
INTRODUCED MAY 15, 1997
By Senators BASSANO and CAFIERO
An Act concerning the age of retirement for certain members of the Police and Firemen's Retirement System of New Jersey and amending P.L.1944, c.255.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 5 of P.L.1944, c.255 (C.43:16A-5) is amended to read as follows:
5. (1) (a) Any member in service who has attained age 55 years may retire on a service retirement allowance upon filing a written and duly executed application to the retirement system, setting forth at what time, not less than 1 month subsequent to the filing thereof, he desires to be retired.
(b) Any member in service who attains age 65 years shall be retired on a service retirement allowance forthwith on the first day of the next calendar month.
Notwithstanding the foregoing provisions of this paragraph 1[,] :
(i) any member of the retirement system who shall not have established 25 years of creditable service on the effective date of P.L. , c. (now pending before the Legislature as this bill) shall be permitted to continue such membership after attainment of age 65 years until the first day of the calendar month immediately following the calendar month in which the member establishes 25 years of creditable service, or until the first day of the calendar month after five years shall have elapsed following the member's attainment of age 65 years, whichever is earlier, upon which first day the member shall be retired; and
(ii) in the case of policemen,1 an employer other than the State may authorize each 1policeman1 member in service with that employer at the time of the reinstatement of the mandatory retirement age of 65 years pursuant to section 4(j) of the Age Discrimination in Employment Act of 1967, 29 U.S.C.§623(j), reenacted and amended by the Age Discrimination in Employment Amendments of 1996, Pub.L.104-208, 1who has established at least 25 years of creditable service on or before the effective date of P.L. , c. (now pending before the Legislature as this bill) and who attains or shall have attained the age of 65 years on or before December 31, 19981 to continue employment with the employer and enrollment in the retirement system until 1[attainment of 70 years of age] January 1, 1999, whereupon the member shall be retired1. Such authorization shall become effective upon adoption by the governing body of the employer 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, and upon such filing, the ordinance or resolution shall be irrevocable.
(2) Upon retirement for service a member shall receive a service retirement allowance which shall consist of:
(a) An annuity which shall be the actuarial equivalent of his aggregate contributions and
(b) A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of one-sixtieth of his average final compensation multiplied by the number of years of his creditable service, or 2% of his average final compensation multiplied by the number of years of his creditable service up to 30 plus 1% of his average final compensation multiplied by the number of years of creditable service over 30, whichever is greater.
(3) Upon the receipt of proper proofs of the death of a member who has retired on a service retirement allowance, there shall be paid to his beneficiary an amount equal to one-half of the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service.
(cf: P.L.1973, c.109, s.1)
12. (New section) Notwithstanding the provisions of N.J.S.11A:4-4 through 11A:4-6 or any other law, rule or regulation to the contrary, no eligible list established under Title 11A of the New Jersey Statutes in a political subdivision whereof the governing body shall have adopted an ordinance or resolution under subparagraph (ii) of paragraph (b) of subsection (1) of section 5 of P.L.1944, c.255 (C.43:16A-5) to fill a vacancy or vacancies in a position or positions as a policeman covered by the Police and Firemen's Retirement System that is in effect on the effective date of this act, P.L. , c. (C. ) (now pending before the Legislature as this bill) or becomes effective after that date and on or before December 31, 1998 shall expire or be cancelled or otherwise terminated before February 1, 1999.1
1[2.] 3.1 This act shall take effect immediately.
Permits service in PFRS-covered employment beyond age 65 in certain cases.