New Jersey Assembly Bill A1443

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Permits certain prosecutors to transfer service credit from PERS to Prosecutors Part of PERS.

Impact

The enactment of A1443 is anticipated to impact the retirement benefits of certain prosecutors positively. Historically, the Prosecutors Part of PERS has been closed to new members since May 21, 2010, which has limited the options available for prosecutors seeking to transfer their service credits. By allowing those who terminated their service before the effective date of the law but resumed within two years to transfer their credits without incurring costs, the bill could result in better financial security for these individuals during retirement.

Summary

Assembly Bill A1443 addresses the issue of service credit transfer for prosecutors within New Jersey's Public Employees' Retirement System (PERS). The bill allows specific prosecutors, who were previously enrolled in PERS but not actively serving at the time of the law's effective date, to transfer their service credit into the Prosecutors Part of the PERS. This change aims to facilitate the retention and mobility of skilled legal professionals within the public sector, enhancing their retirement benefits while streamlining their professional journey.

Contention

There are potential points of contention surrounding A1443, especially regarding who qualifies as a 'prosecutor' eligible for this transfer. The bill defines prosecutors broadly, including various roles within the criminal justice system, which may raise discussions about the implications this has for the balance of benefits among those within different legal roles. Additionally, the absence of any cost to the prosecutor for this transfer option may lead to debates regarding the fairness and funding of the retirement system, particularly concerning impacts on future system viability.