New Jersey Senate Bill S4239

New Jersey 2022-2023 Regular Session

• Introduced: 12/14/23
• Refer: 12/14/23

Caption

Requires temporary benefit enhancement to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PFRS; makes appropriation.

Impact

The state is obligated to fund the cost of these temporary benefits through an appropriation from the State General Fund. The bill underscores the importance of ensuring financial relief for retirees who may be struggling financially. By appropriating funds to support these temporary enhancements, the state aims to fulfill its commitment to its retired public employees, ensuring their well-being and security in retirement. This facet of the bill highlights the state's role in social safety nets for its public service workforce.

Summary

Senate Bill 4239, introduced on December 14, 2023, focuses on providing temporary financial enhancements to retired public employees and their beneficiaries who are part of the Police and Firemen's Retirement System (PFRS). The bill specifies that a temporary benefit enhancement of $1,000 will be granted in each of the fiscal years 2025 and 2026 for individuals whose retirement allowance or benefit is at or below 450 percent of the federal poverty level for a household of one. This direct financial support aims to improve the financial stability of eligible retirees and beneficiaries during these fiscal years.

Contention

While the bill primarily aims to address the financial needs of certain retired public employees, there may be discussions around the sustainability of funding these enhancements. Critics might express concerns over budget constraints and the impact of these appropriations on other state-funded services and programs. Furthermore, the eligibility criteria based on the federal poverty level could prompt debates about its adequacy in meeting the needs of retirees, particularly in fluctuating economic conditions. The necessity of the benefits and their implications on the state’s fiscal health could become points of contention in legislative discussions.