This bill amends the current law governing accidental death benefits for members of the Police and Firemen's Retirement System (PFRS) in New Jersey. It allows a companion of a deceased member to receive the same pension benefits as a surviving spouse, specifically 70% of the member's compensation or a minimum of $50,000 annually, if there is no surviving spouse. The bill also introduces the concept of "adjusted final compensation," which adjusts the pension amount based on increases in the compensation schedule for active members until the deceased member would have accrued 25 years of service. These adjustments will apply to benefits granted prior to the bill's effective date but will only affect payments made after that date.

Additionally, the bill provides a mechanism for companions of members who died on or after January 1, 2023, to apply for an accidental death pension retroactive to the date of the member's death, provided certain conditions are met, such as the absence of a surviving spouse, children, or dependent parents. The definition of "companion" is also established, outlining specific criteria for eligibility, including cohabitation for at least two years and mutual financial responsibilities. Overall, the bill aims to expand the benefits available to the families of PFRS members who die in the line of duty, ensuring that companions are recognized and supported in a similar manner to surviving spouses.

Statutes affected:
Introduced: 43:16A-10