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NJ S1491
Bill
Status
1/9/2024
Primary Sponsor
Shirley Turner
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AI Summary
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Requires New Jersey public employee flexible spending account (FSA) contribution limits to match the federal limit under Internal Revenue Code Section 125, adjusted annually for inflation
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Applies to employees of the State, local governments, boards of education, and independent State authorities, boards, commissions, corporations, agencies, and organizations
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The federal FSA contribution limit for 2024 is $3,200, which would become the applicable state limit with automatic annual inflation adjustments going forward
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Amends three existing statutes governing cafeteria plans for State employees (C.52:14-15.1a), school district employees (C.18A:16-19.1), and local government employees (C.40A:10-23.5)
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FSA salary reductions continue to be treated as regular compensation for pension contribution calculations and retirement allowance amounts while remaining exempt from federal tax withholding
Legislative Description
Reinstates automatic COLA for retirement benefits of members of the State-administered retirement systems.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/9/2024