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NJ S335
Bill
Status
1/9/2024
Primary Sponsor
Patrick Diegnan
Click for details
AI Summary
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Allows Public Employees' Retirement System (PERS) members to purchase service credit for time they were not working due to COVID-19 pandemic-related job termination
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Members must meet three eligibility requirements: termination was without personal fault and directly due to COVID-19, return to PERS-eligible employment within 12 months of discontinuance, and return all accumulated contributions withdrawn during the discontinuance period
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Eligible members who purchase credit will be restored to their original membership tier held prior to the pandemic-related termination
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Service credit purchases can be made through lump sum or regular installments over a maximum of 10 years, with payment amounts calculated using actuarial factors based on member's age and salary
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The act takes effect immediately and applies retroactively to January 1, 2021
Legislative Description
Permits purchase of service credit in PERS for period of time after termination of public employment due to COVID-19 pandemic if member returned to PERS employment within 12 months.
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