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, or a minimum of $50,000, if there is no surviving spouse. The bill also introduces the concept of "adjusted final compensation," which is defined as the member's last year's compensation increased by the same percentage as any adjustments made to the compensation schedule of active members 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 will only affect payments made after that date.

Additionally, the bill permits 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 there were no surviving spouses, children, or dependent parents at that time. The definition of "companion" is specified in the bill, requiring a cohabiting relationship of at least two years, among other criteria. This 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