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NJ S501
Bill
Status
1/9/2024
Primary Sponsor
James Holzapfel
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AI Summary
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Municipalities must annually report to the Director of the Division of Local Government Services the total amount paid to employees for accumulated absences (such as unused sick leave) upon retirement in the previous budget year
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State Treasurer will reduce State aid to municipalities by the amount of accumulated absence payouts, drawing from Consolidated Municipal Property Tax Relief Aid, Energy Tax Receipts Property Tax Relief Aid, Extraordinary Aid, or Transitional Aid to Localities
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School districts and county vocational school districts will have their State school aid reduced by the amount paid to employees for accumulated absences upon retirement, as identified in their annual audits
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The bill aims to prevent municipalities and school districts from using State aid to fund payouts for unused sick leave and other accumulated absences accrued over employees' careers
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Local property taxpayers, rather than State aid, would bear the cost of policies that allow payment for accumulated absences at retirement
Legislative Description
Requires State aid reduction to municipalities and school districts by amount of accumulated absences paid to employees upon their retirement.
Education
Last Action
Introduced in the Senate, Referred to Senate Education Committee
1/9/2024