Bill > A4590

This bill amends several New Jersey public employee retirement systems (including PERS, TPAF, PFRS, and SPRS) to explicitly allow members to purchase service credit for periods spent enrolled in military service academies. Specifically, the bill defines "military service academy" as the United States Military, Naval, Air Force, and Coast Guard Academies. Members can purchase credit for this time up to 10 years, with an additional option to purchase up to five more years of military service that qualifies them as a veteran. The purchase can be made by paying into the annuity savings fund using a factor based on the member's age and salary, with payments allowed in installments over up to 10 years. The bill ensures that neither the state nor the employer will be liable for these credit purchases, and members will not be responsible for costs associated with pension and health care benefits when purchasing this service credit. Members who retire before completing full payment will receive pro-rated credit, with the option to make a lump-sum payment at retirement to receive full credit. The bill aims to provide more flexibility for public employees who have attended military service academies in crediting their service time towards retirement benefits.

Government Affairs, Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2024/A4590