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Bill > S335

NJ S335

NJ S335
Permits 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
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 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from the date of discontinuance from service due to COVID-19 and returned all of the accumulated member's contributions withdrawn from the retirement system.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 as a direct result of the COVID-19 pandemic. To be eligible, the member must have returned to a PERS-eligible position within 12 months of the discontinuance from service and must return all of the accumulated member's contributions withdrawn from the retirement system during the period of discontinuance. The member can purchase the service credit by paying the required amount into the annuity savings fund, which can be done in installments over a maximum period of 10 years.

Committee Categories

Government Affairs

Sponsors (2)

Last Action

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 01/09/2024)
(2 Companion Bills)

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/S335
BillText https://pub.njleg.gov/Bills/2024/S0500/335_I1.HTM
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