NJ S4111

Allows members of the Teachers' Pension and Annuity Fund (TPAF) and Public Employees' Retirement System (PERS) to request an alternative retirement benefit calculation using their highest-earning three calendar years instead of the standard final compensation formula

Requires the Division of Pensions and Benefits to send a notice detailing the calculated final compensation upon receiving a retirement application, with members having 60 days to request a recalculation

Establishes a two-step approval process where the Division has 30 days to provide recalculated figures, and members then have 30 days to approve or default to the original calculation

Members who retired after January 1, 2025 and began receiving benefits before the act's effective date have one year to request recalculation, though adjustments apply only to future payments with no retroactive payments

Takes effect 90 days following enactment, with the Division of Pensions and Benefits director authorized to promulgate necessary rules and regulations