The bill amends Section 30 of P.L.1965, c.89 (C.53:5A-30) regarding the governance of the State Police Retirement System. It establishes a board of trustees consisting of five members, including two appointed by the Superintendent of State Police, two by the Governor with Senate approval, and the State Treasurer ex officio. The bill also introduces a new committee composed of eight members, with specific appointments from the Governor, the State Troopers Fraternal Association, and a union representing supervisory officers. This committee will have the authority to modify certain aspects of the retirement system once it reaches a target funded ratio, including member contribution rates and benefits for retirement.

Additionally, the bill includes provisions to ensure transparency and accountability, such as requiring the board to keep records of its proceedings open to public inspection and mandating that trustees and committee members adhere to ethical standards regarding gifts and conflicts of interest. The bill also specifies that any decisions made by the committee must not result in the retirement system's funded ratio falling below the target level. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 53:5A-30
Advance Law: 53:5A-30
Pamphlet Law: 53:5A-30