Bill > S4605

This bill modifies retirement provisions for members of the Prosecutors Part of the Public Employees' Retirement System (PERS), specifically creating a temporary window for prosecutors enrolled before the bill's effective date to retire with 20 or more years of service, regardless of their age. Under the new provisions, eligible prosecutors can retire on or after the bill's effective date, but no later than 5 years (60 months) following that date, and will be entitled to receive a service retirement allowance equal to 50 percent of their final compensation. This is a significant change from current law, which previously required prosecutors to be at least 55 years old to retire with a 50 percent compensation allowance. The bill provides a unique opportunity for prosecutors with 20 or more years of creditable service to retire earlier than the existing age requirement, potentially allowing for more flexible career planning and retirement options within the prosecutor's retirement system.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/S4605