Permits certain members of Prosecutors Part of PERS to qualify for service retirement with 20 or more years of service.

A1002

ASSEMBLY, No. 1002

STATE OF NEW JERSEY

222nd LEGISLATURE

�

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblywoman CAROL A. MURPHY

District 7 (Burlington)

SYNOPSIS

���� Permits certain members of Prosecutors Part of PERS
to qualify for service retirement with 20 or more years of service.

CURRENT VERSION OF TEXT

���� Introduced Pending Technical Review by Legislative
Counsel.

��

An Act

concerning retirement benefits of certain
members of the Prosecutors Part of the Public Employees� Retirement System and
amending P.L.2001, c.366.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.� Section 4 of P.L.2001,
c.366 (C.43:15A-158) is amended to read as follows:

���� 4.� a.� Any member of the
Prosecutors Part who has attained age 55 years may retire on a service
retirement allowance by filing with the retirement system a written
application, duly attested, stating at what time subsequent to the execution
and filing thereof the member desires to be retired.� The board of trustees
shall retire the member at the time specified or at such other time within one
month after the date so specified as the board finds advisable.� Any prosecutor
in service who attains age 70 years shall be retired by the board of trustees
on a service retirement allowance forthwith on the first day of the next
calendar month or at such time within one month thereafter as it finds
advisable, except that a prosecutor attaining age 70 years may be continued in
service on an annual basis upon written notice to the retirement system by the
Attorney General or the
[
Board
of Chosen Freeholders
]

board of county commissioners
of the county employing the prosecutor.

���� b.��� Upon retirement for
service a prosecutor shall receive a service retirement allowance which shall
consist of:

���� (1)� An annuity which shall be
the actuarial equivalent of the prosecutor's aggregate contributions and

���� (2)� A pension in the amount
which, when added to the prosecutor's annuity, will provide a total retirement
allowance of one-sixtieth of average final compensation multiplied by the
number of years of creditable service, or 2% of average final compensation multiplied
by the number of years of creditable service up to 30 plus 1% of average final
compensation multiplied by the number of years of creditable service over 30,
or 50% of final compensation if the prosecutor has established 20 or more years
of creditable service, whichever is greater.

���� c.��� Any prosecutor as of the
effective date of P.L.2001, c.366 (C.43:15A-155 et seq.) who has 20 or more
years of creditable service at the time of retirement shall be entitled to
receive a retirement allowance equal to 50% of final compensation plus, in the
case of a prosecutor required to retire pursuant to the provisions of
subsection a. of this section, 3% of final compensation multiplied by the
number of years of creditable service over 20 but not over 25.

���� d.��� Upon the receipt of
proper proofs of the death of a prosecutor who has retired on a service
retirement allowance, there shall be paid to the prosecutor's beneficiary an
amount equal to one-half of the compensation upon which contributions by the
prosecutor to the annuity savings fund were based in the last year of
creditable service.

����
e.� Any member of the
Prosecutors Part who was enrolled prior to the effective date of P.L.��� ,
c.���� (pending before the Legislature as this bill) and who is an active
member on that effective date, may retire on or after the effective date of P.L.���
, c.���� (pending before the Legislature as this bill), but no later than the
60th month following that effective date, on a service retirement allowance,
regardless of age, upon attaining 20 or more years of creditable service.� The
member shall be entitled to receive a service retirement allowance equal to 50
percent of the member�s final compensation.

(cf: P.L.2001, c.366, s.4)

���� 2.� This act shall take effect
immediately.

STATEMENT

���� This bill permits an active
member of the Prosecutors Part of the Public Employees� Retirement System
(PERS) who is enrolled before the effective date of this bill to retire on or after
the effective date of this bill, but no later than 5 years from the effective
date of the bill, upon attaining 20 or more years of service credit regardless
of age.� Under the bill, such a member will be entitled to a retirement
allowance equal to 50 percent of the member�s final compensation.

���� Under current law, a member
must be 55 years of age or older and attain at least 20 years of service credit
to retire on a service retirement allowance of 50 percent of final
compensation.