Allows members of PERS Prosecutors Part to establish purchased PERS credit in the Part at additional cost.
Impact
The impact of this bill on state laws primarily revolves around retirement benefits for employees within the Prosecutors Part. Currently, members of this part already receive higher benefits compared to standard PERS members and are subject to greater contribution rates. By allowing the establishment of purchased credits under this bill, it potentially opens up more avenues for enhancing retirement benefits tailored for prosecutors and aligning their compensation with the enhanced rates they are subjected to.
Summary
Bill S1605 proposes an amendment to the Public Employees' Retirement System (PERS) of New Jersey, specifically focusing on the Prosecutors Part. This legislation will allow members of the Prosecutors Part to establish purchased credit similar to what is available for the regular PERS members, although it includes additional costs applicable to the unique benefits provided to the Prosecutors Part members. It aims to streamline the process for prosecutors in New Jersey by permitting them to convert their established credits into the Prosecutors Part under specific conditions outlined in the bill text.
Contention
The bill is likely to encounter discussions around equity in retirement benefits amongst different categories of public employees. Critics might argue about the fairness of providing enhanced benefits to a specific group of state employees while others may not have the same options available. Furthermore, there may be concerns regarding the additional financial impacts on the Pension Fund due to the allowance of purchases of credits at additional costs. This bill raises questions about creating equitable standards within the state's retirement systems as it relates to various public service roles.
Permits service credit in Prosecutors Part of PERS for judicial clerk service; increases salary of Presiding Judge of Appellate Division and county prosecutor; permits retired judges to collect pension while serving as county prosecutor.
Permits service credit in Prosecutors Part of PERS for judicial clerk service; increases salary of Presiding Judge of Appellate Division and county prosecutor; permits retired judges to collect pension while serving as county prosecutor.