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 purchase up to 10 years of credit, with the possibility of an additional five years for qualifying military service. The bill specifies that no application for credit purchase will be accepted if the member has a vested right to retirement benefits in another system based on that service. Additionally, the employer of the member will not be liable for any payments to the retirement system related to this credit purchase.

The bill also clarifies that members will not incur costs associated with pension adjustment benefits and health care benefits for retirees when purchasing credit for the specified types of service. Members who retire before completing their payment obligations will receive pro rata credit for the service purchased, with an option to make a lump sum payment at retirement for full credit. Furthermore, 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 this purchase. 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