Bill
Bill > S3265
NJ S3265
NJ S3265Permit members of SPRS to purchase service credit for prior public employment with federal government or another state.
summary
Introduced
12/14/2020
12/14/2020
In Committee
01/06/2022
01/06/2022
Crossed Over
12/20/2021
12/20/2021
Passed
01/10/2022
01/10/2022
Dead
Signed/Enacted/Adopted
01/18/2022
01/18/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill permits members of the State Police Retirement System (SPRS) to purchase service credit earned from public employment in another state or with the United States Government. The member may purchase credit by paying the actuarially required amount as applicable to the member based on the member's age and salary at the time of purchase, or the highest annual compensation for service in this State, whichever is greater.
AI Summary
This bill permits members of the State Police Retirement System (SPRS) to purchase service credit earned from public employment in another state or with the United States government. 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 all or a portion of the service, up to a maximum of 5 years, and can pay for it in regular installments over a maximum of 10 years. The state and the member's employer are not liable for any payment to the retirement system for this purchase, and the member is not liable for any costs associated with pension adjustment benefits and health care benefits for retirees when purchasing this credit.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (5)
Ronald Dancer (R)*,
Wayne DeAngelo (D)*,
Patrick Diegnan (D)*,
Linda Greenstein (D)*,
Daniel Benson (D),
Last Action
Passed Assembly (Passed Both Houses) (76-2-0) (on 01/10/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S3265 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/S3500/3265_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/S3500/3265_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/S3500/3265_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S3500/3265_I1.PDF |
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