This bill amends the current law regarding 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 a pension of 70% of the member's compensation or adjusted final compensation, provided there is no surviving spouse, children, or dependent parents. The bill also introduces a definition of "companion" and outlines the criteria for eligibility, including cohabitation for at least two years and mutual financial responsibilities. Additionally, the bill mandates that the final compensation used for calculating the pension be adjusted based on the same percentage increases applied to active members' compensation until the deceased member would have accrued 25 years of service.

Furthermore, the bill allows companions of members who died on or after January 1, 2023, to apply for the accidental death pension retroactively to the date of the member's death, provided certain conditions are met. It also clarifies that adjustments to the pension benefits will apply to those granted prior to the bill's effective date, but only for payments made after that date. The legislation aims to ensure that companions of deceased PFRS members receive equitable benefits similar to those provided to surviving spouses and children.

Statutes affected:
Introduced: 43:16A-10