SENATE, No. 2324

STATE OF NEW JERSEY

INTRODUCED DECEMBER 11, 1997

By Senator CODEY

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 P.L.1973, c.140 (C.43:6A-1 et seq.) or any other law, rule or regulation to the contrary, a judge of the several courts who was nominated and confirmed for an initial seven-year term on or after June 1, 1992 and took the oath of office on or before September 15, 1992, who was subsequently reappointed and confirmed, and who shall have served at least 10 years less 180 days successively as a judge of the several courts and 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 the member's accumulated deductions together with regular interest, and a pension which, when added to the annuity, will provide a retirement allowance during the remainder of the person's life in the amount equal to three-quarters of the member's final salary.

    2. This act shall take effect immediately.

STATEMENT

    This bill provides that a member of the Judicial Retirement System (JRS) who was nominated and confirmed for an initial seven-year term as a judge of any of the several courts on or after June 1, 1992 and sworn in on or before September 15, 1992, who was subsequently reappointed and confirmed following the initial seven-year term, and who shall have served as a judge for at least 10 years less 180 days successively and attained the age of 70 years shall retire and receive the maximum JRS pension of three-fourths of the member's final salary.

Provides maximum pension to certain JRS members.