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.
Impact
If passed, A4329 would amend existing legislation concerning the PERS to incorporate provisions specific to the disruptions caused by the COVID-19 pandemic. This modification not only serves to support affected employees in maintaining their pension benefits but also addresses the unique challenges posed by the pandemic in the public employment sector. By introducing a pathway for service credit purchase under these circumstances, the bill could potentially have implications for how retirement systems adapt to exceptional events that disrupt employment continuity.
Summary
Assembly Bill A4329 allows members of the Public Employees' Retirement System (PERS) to purchase service credit for any time during which they were not employed due to a public employment termination without fault as a result of the COVID-19 pandemic. This legislation stipulates that eligible members must return to service in a PERS-eligible position within 12 months from the end of their public employment to qualify for the purchase of such credit. The initiative aims to support public sector employees impacted by the pandemic by allowing them to maintain their retirement benefits, especially for those who might have experienced interruptions in service.
Contention
While the bill's intent is to assist public employees adversely affected by the pandemic, some may raise concerns regarding the retroactive nature of the law and its implications on the broader retirement funding landscape. Critics might argue about fairness and budgetary constraints related to retroactive credit purchases, potentially impacting the financial health of the retirement system. However, supporters would likely highlight the importance of safeguarding public employees' benefits during unprecedented times, emphasizing that the bill provides necessary flexibility to the retirement system in the face of societal challenges.
Same As
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.
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.
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.
Permits purchase of service credit in SPRS for period of enrollment in military service academy and in New Jersey State Police Academy, and employment as class two special law enforcement officer.
Permits purchase of service credit in SPRS for period of enrollment in military service academy and in New Jersey State Police Academy, and employment as class two special law enforcement officer.
Bars certain employees of certain public agencies from participating in PERS; repeals law permitting PERS and TPAF members on leave who work for labor organization to purchase pension credit.
Bars certain employees of certain public agencies from participating in PERS; repeals law permitting PERS and TPAF members on leave who work for labor organization to purchase pension credit.
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.
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.
Extends membership in TPAF to four years after discontinuance of service and to 20 years for those who were laid off or had 10 or more years of continuous service upon voluntary termination.
Extends membership in TPAF to four years after discontinuance of service and to 20 years for those who were laid off or had 10 or more years of continuous service upon voluntary termination.
Extends membership in TPAF to four years after discontinuance of service and to 20 years for those who were laid off or had 10 or more years of continuous service upon voluntary termination.
Extends membership in TPAF to 10 years after discontinuance of service and to 15 years for those who were laid off or had 10 or more years of continuous service upon voluntary termination.
Extends membership in TPAF to seven years after discontinuance of service and to 25 years for those who were laid off or had 10 or more years of continuous service upon voluntary termination.
Extends membership in TPAF to seven years after discontinuance of service and to 25 years for those who were laid off or had 10 or more years of continuous service upon voluntary termination.