LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 3780
STATE OF NEW JERSEY
219th LEGISLATURE
DATED: JUNE 21, 2021
SUMMARY
Synopsis: |
Permits prosecutors to enroll in Prosecutors Part of PERS. |
Type of Impact: |
Expenditure increase for the State and counties. |
Agencies Affected: |
Division of Pensions and Benefits, Department of the Treasury; counties. |
Office of Legislative Services Estimate |
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Fiscal Impact |
Year 1 |
Year 2 |
Year 3 |
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State Cost Increase |
Indeterminate |
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Local Cost Increase |
Indeterminate |
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· The Office of Legislative Services (OLS) concludes that this bill will result in an unfunded liability in the Public Employees’ Retirement System (PERS) payable by the State and counties as public employers because prosecutors will be given service credit in the Prosecutors Part without assessment of the full cost for such credit. The employee contributions for and the retirement benefits in the Prosecutors Part are greater than those in the PERS.
BILL DESCRIPTION
This bill allows prosecutors hired on or after May 21, 2010 to enroll in the Prosecutors Part of PERS which was originally established on January 7, 2002, but closed to new members on May 21, 2010. Any service credit accrued in regular PERS as a prosecutor prior to the effective date of this bill would be established in the Prosecutors Part without further assessment of cost to the prosecutor.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS concludes that this bill will result in an unfunded liability in the Public Employees’ Retirement System payable by the State and counties as public employers because prosecutors will be given service credit in the Prosecutors Part without assessment of the full cost for such credit. The employee contributions for and the retirement benefits in the Prosecutors Part are greater than those in the PERS.
Section: |
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Analyst: |
Section Chief |
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.).