The bill amends Section 3 of P.L.1991, c.153 (C.43:16A-11.11) to allow members of the Police and Firemen's Retirement System to purchase credit for public employment in other states, military service, or service as a class two special law enforcement officer, provided certain conditions are met. Members can file a detailed statement of their eligible service and may purchase credit for up to 10 years, with the possibility of an additional five years for qualifying military service. However, applications for credit purchase will not be accepted if the member has a vested right to retirement benefits in another system based on that service.

Additionally, the bill specifies that members will not be liable for costs associated with pension adjustment benefits and health care benefits when purchasing credit for the specified types of service. It also establishes that members who retire before completing their payment for purchased service will receive pro rata credit, and they may opt to make a lump sum payment at retirement to obtain full credit. Importantly, the purchase of credit for service as a class two special law enforcement officer is restricted to those with a break of less than 365 days before joining the retirement system, and members have one year from the effective date of the act to apply for such purchases. The board of trustees is tasked with notifying all members of these provisions.

Statutes affected:
Introduced: 43:16A-11.11
Advance Law: 43:16A-11.11
Pamphlet Law: 43:16A-11.11