Bill
Bill > A5155
NJ A5155
NJ A5155Permits purchase of service credit in PERS for time served as Eagleton Science and Politics Fellow.
summary
Introduced
12/19/2024
12/19/2024
In Committee
12/19/2024
12/19/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill allows for any current or future member of the Public Employees' Retirement System (PERS) to purchase service credit for time they previously spent in the Eagleton Science and Politics Fellowship Program at the Eagleton Institute of Politics at Rutgers, the State University, as a fellow. Members may purchase up to one year of service credit for this time by agreeing to pay the contributions required to cover the time in service. The bill provides that the member will be required to submit to the Division of Pensions and Benefits a statement, signed and attested to by the Director of the Eagleton Institute of Politics, detailing their time and the nature of their service in the fellowship program. The member will not be eligible to purchase this additional service if the member has a vested right to retirement benefits in another retirement system based in whole or in part upon that service. The public employer will not be responsible for any contributions to the retirement system based upon the member's prior service in the fellowship program.
AI Summary
This bill allows current or future members of the Public Employees' Retirement System (PERS), a state retirement program, to purchase up to one year of service credit for time previously spent as an Eagleton Science and Politics Fellow at the Eagleton Institute at Rutgers University. To do so, the member must pay the required contributions based on their current salary or highest previous annual compensation, which can be paid in a lump sum or monthly installments as determined by the Division of Pensions and Benefits. The member must submit a statement of service signed by the Director of the Eagleton Institute of Politics, and they will not be eligible to purchase this credit if they already have vested retirement benefits in another system for the same period of service. The employer will not be responsible for any contributions related to this service credit purchase, and if a member retires before completing the full payment, they 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 PERS members who participated in the Eagleton Fellowship Program an opportunity to retroactively count that time towards their retirement benefits.
Committee Categories
Education
Sponsors (1)
Last Action
Introduced, Referred to Assembly Higher Education Committee (on 12/19/2024)
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/2024/A5155 |
| BillText | https://pub.njleg.gov/Bills/2024/A5500/5155_I1.HTM |
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