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
The proposed changes in SB 335 could have significant implications for state laws governing retirement for public employees. It retroactively affects policies from January 1, 2021, ensuring that employees can regain their membership and benefits without being penalized for circumstances out of their control. By facilitating the purchase of service credit, the bill would maintain a degree of stability for PERS members, which could mitigate financial stress for many public-sector workers impacted by unexpected job losses during the pandemic.
Summary
Senate Bill 335 aims to amend the Public Employees' Retirement System (PERS) regulations regarding the purchase of service credit for members who were terminated from public employment due to the COVID-19 pandemic. Under this bill, members who have lost their jobs without personal fault and return to a PERS-eligible position within 12 months may be allowed to purchase service credit for the time they were out of work. This addresses concerns for public employees who were negatively affected by the pandemic, allowing them to restore some financial security in terms of future retirement benefits.
Contention
While the bill is positioned as a means to support public employees, potential points of contention may arise regarding fairness and funding of the PERS system. Critics could argue that allowing retroactive purchases may burden the retirement fund or discriminate against employees who did not return to work promptly or outside the stipulated time frame. Furthermore, the bill does not address the long-term fiscal health of the PERS system, which may be a concern for lawmakers and constituents focused on sustainable financial practices.
Carry Over
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.
NJ A4329
Carry Over
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 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.
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.