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NJ S3412
Bill
Status
6/10/2024
Primary Sponsor
Joseph Cryan
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AI Summary
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Provides a $1,000 temporary benefit enhancement payment to retirees and beneficiaries of the Police and Firemen's Retirement System (PFRS) whose retirement allowance or pension is at or below 450% of the federal poverty level for a household of one
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Enhancement payments will be made twice: once in State fiscal year 2025 (December 1, 2024) and once in State fiscal year 2026 (December 1, 2025)
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Eligibility is determined based on allowance, pension, or benefit amounts as of January 1, 2024 for the first payment and January 1, 2025 for the second payment
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State General Fund will cover all costs through appropriations to a separate non-lapsing account, with the PFRS board of trustees certifying necessary amounts to the Division of Budget and Accounting
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Recipients may voluntarily waive their right to the enhancement by filing written notice with the PFRS board of trustees at least 30 days before the desired effective date
Legislative Description
Requires temporary benefit enhancement to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PFRS; makes appropriation.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
6/10/2024