New Jersey Assembly Bill A5155

New Jersey 2024-2025 Regular Session

• Introduced: 12/19/24
• Refer: 12/19/24

Caption

Permits purchase of service credit in PERS for time served as Eagleton Science and Politics Fellow.

Impact

The introduction of A5155 is poised to have a significant impact on the PERS legislation by expanding the eligibility of members to count their fellowship experience toward their retirement benefits. This could encourage more individuals to participate in the Eagleton Fellowship, knowing that their service could contribute to a more substantial retirement package. The act aims to make the retirement system more equitable by acknowledging the value of fellowship experience in the public sector, thus potentially attracting talented individuals to government positions.

Summary

Assembly Bill A5155 aims to enable members of the Public Employees' Retirement System (PERS) in New Jersey to purchase service credit for their time spent as participants in the Eagleton Science and Politics Fellowship Program. This program is hosted by the Eagleton Institute of Politics at Rutgers University. Under this bill, members are permitted to buy up to one year of service credit, a process which requires them to pay the necessary contributions associated with the service time. The purchasing process involves a lump sum payment or regular monthly installments as determined by the Division of Pensions and Benefits.

Contention

One potential point of contention regarding A5155 revolves around the implications of allowing the purchase of service credit. Critics may argue that this could lead to increases in costs for the pension system if a significant number of members opt to purchase credit for their fellowship time. Additionally, there may be concerns over fairness to other PERS members who do not have access to such fellowship opportunities. The ability of the bill to manage these potential financial implications while maintaining a fair system for all members will likely be a focal point of debate as it moves through the legislative process.