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, in the absence of a surviving spouse, to receive a pension equal to 70% of the member's compensation or adjusted final compensation, or a minimum of $50,000, whichever is greater. The bill also introduces the concept of "adjusted final compensation," which accounts for percentage increases in the compensation schedule of active members after the member's death, up until the member would have accrued 25 years of service. This adjustment will apply to benefit entitlements granted prior to the bill's effective date, but no retroactive payments will be made based on the difference in benefits.

Additionally, the bill provides a mechanism for 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, such as the absence of surviving spouses, children, or dependent parents. The definition of "companion" is also established, outlining specific criteria that must be met for an individual to qualify as a companion eligible for benefits. Overall, the bill aims to enhance the financial support available to the families of PFRS members who die in the line of duty.

Statutes affected:
Introduced: 43:16A-10