Bill > A5074

This bill permits members of the State Police Retirement System (SPRS) to purchase service credit for prior public employment with the federal government or another state. The member can purchase the credit by paying the actuarially required amount based on their age and salary at the time of purchase, or the highest annual compensation for service in New Jersey, whichever is greater. The member can purchase credit for up to 5 years of prior service, but cannot have a vested right to retirement benefits in another system for that service. The State and the employer are not liable for any payment to the retirement system for this purchase, and the member is not liable for costs associated with pension adjustment and health care benefits for retirees.

Budget and Finance, Government Affairs

https://www.njleg.state.nj.us/bill-search/2020/A5074