LEGISLATIVE FISCAL ESTIMATE

ASSEMBLY, No. 5344

STATE OF NEW JERSEY

219th LEGISLATURE

DATED: MAY 24, 2021

SUMMARY

Synopsis:	Clarifies eligibility for deferred retirement for certain judges in JRS.
Type of Impact:	Reduction in expenditures from the Pension Fund for the Judicial Retirement System.
Agencies Affected:	Division of Pensions and Benefits, Department of the Treasury.

Office of Legislative Services Estimate
Fiscal Impact	Year 1	Year 2	Year 3
Pension Fund Cost	Indeterminate reduction in pension fund expenditures for the Judicial Retirement System

· The Office of Legislative Services (OLS) finds this bill will reduce the total number of retirement allowances paid to a judge in retirement, and therefore expenditures from the pension fund for the Judicial Retirement System (JRS), by the number of monthly retirement allowances that are deferred while a judge is working as a county prosecutor.

BILL DESCRIPTION

      This bill changes the eligibility criteria for a deferred retirement for a member of the JRS who has been appointed by the Governor, with the advice and consent of the Senate, to the position of county prosecutor.

      This bill clarifies the law to provide this deferred retirement to a JRS member who is at least 65 years of age, has the necessary judicial service credit for a full judicial retirement, and has served for 25 years as a judge for any court in New Jersey.

      For this purpose, this bill also specifically overrides the JRS mandatory retirement age of 70 set forth in law and in the administrative code, and allows for the deferment of the mandatory retirement for JRS to the first day of the month following the termination of the member's service in the position of county prosecutor.

FISCAL ANALYSIS

EXECUTIVE BRANCH

      None received.

OFFICE OF LEGISLATIVE SERVICES

      The OLS finds this bill will reduce the total number of retirement allowances paid to a judge in retirement, and therefore expenditures from the pension fund for the JRS, by the number of monthly retirement allowances that are deferred while a judge is working as a county prosecutor.

Section:	State Government
Analyst:	Kimberly M. Clemmensen Lead Fiscal Analyst
Approved:	Thomas Koenig Legislative Budget and Finance Officer

This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.

This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).