Permits purchase of service credit in PERS, TPAF, PFRS, and SPRS for period of enrollment in military service academy.
Impact
With S693, members can purchase credit for up to ten years of service at a military service academy. Furthermore, a member qualifying as a veteran may purchase an additional five years of credit. The ability to include this period of enrollment enhances the retirement benefits for those who have committed to military training and service, potentially increasing their financial security in retirement. However, applicants must not hold vested rights to retirement benefits in another system based on this duration of service to qualify.
Summary
Bill S693, introduced in the New Jersey Legislature, aims to allow members of various state-administered retirement systems, including the Public Employees' Retirement System (PERS), Teachers' Pension and Annuity Fund (TPAF), Police and Firemen's Retirement System (PFRS), and the State Police Retirement System (SPRS), to purchase service credit for the time they spent enrolled in a military service academy. This legislative change intends to acknowledge the value of training received at these academies and formalize it as creditable service for retirement purposes.
Contention
One of the notable points in the discussions surrounding this bill focuses on the financial implications for state-administered retirement systems. Critics may express concerns regarding the long-term sustainability of pension funds if a significant number of members opt to purchase additional service credits. Furthermore, ensuring equitable access to this benefit among all state employees, regardless of their service background, could also become a topic of debate, as members who did not attend a military service academy might perceive inequities.
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.
Allows consideration of purchased PERS credit for federal service abroad in Central Intelligence Agency to qualify for employer-provided health care benefits in retirement.
Allows consideration of purchased PERS credit for federal service abroad in Central Intelligence Agency to qualify for employer-provided health care benefits in retirement.
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.