Bill > A4751

This bill allows members of the State Police Retirement System (SPRS) to purchase additional service credit for time spent in military service academies and as a class two special law enforcement officer. Specifically, members can now purchase credit for periods of enrollment in military service academies that resulted in a baccalaureate degree, up to 10 years, with an option to purchase up to five additional years for qualifying military service. For class two special law enforcement officers, members can purchase service credit if the break between their service and enrollment in SPRS is less than 365 days, with specific requirements about working days per month. The bill stipulates that members can pay for this additional credit through installment payments over up to 10 years, calculated based on the member's age and salary at the time of purchase. The employer will not be liable for these additional credit purchases, and members will not be responsible for financing pension adjustment or health care benefits when purchasing military service credit. If a member retires before completing all payments, they will receive pro-rated credit, with the option to make a lump sum payment at retirement to receive full credit. The bill defines military service academies as the United States Military, Naval, Air Force, and Coast Guard Academies.

Budget and Finance, Government Affairs, Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2024/A4751