Bill
Bill > S2512
NJ S2512
NJ S2512Permits purchase of service credit in PERS for period of time after termination of public employment due to COVID-19 pandemic if member returned to PERS employment within 12 months.
summary
Introduced
05/12/2022
05/12/2022
In Committee
06/23/2022
06/23/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill would permit the purchase of service credit by a member of the Public Employees' Retirement System (PERS) for time that the member was not working because the member's public employment was terminated, without personal fault, due directly to the COVID-19 pandemic. This purchase would be allowed if the member returned to service in a PERS-eligible position within 12 months from the date of discontinuance from service due to COVID-19 and returned all of the accumulated member's contributions withdrawn from the retirement system.
AI Summary
This bill would permit members of the Public Employees' Retirement System (PERS) to purchase service credit for the period of time they were not working due to their public employment being terminated, without personal fault, because of the COVID-19 pandemic. The member must have returned to a PERS-eligible position within 12 months of the discontinuance of service and must return all the accumulated member contributions withdrawn from the retirement system during the period of discontinuance. The bill allows the member to purchase the service credit by making regular installment payments over a maximum period of 10 years, and it would be retroactive to January 1, 2021.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (2)
Last Action
Referred to Senate Budget and Appropriations Committee (on 06/23/2022)
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/2022/S2512 |
| Analysis - Statement SSG 6/23/22 | https://pub.njleg.gov/Bills/2022/S3000/2512_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S3000/2512_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S3000/2512_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S3000/2512_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S3000/2512_I1.PDF |
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