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, 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 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 benefits granted prior to the bill's effective date but will only affect payments made after that date.

Additionally, 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 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. The bill aims to ensure that companions of deceased PFRS members are recognized and provided for in a manner similar to surviving spouses and children.

Statutes affected:
Introduced: 43:16A-10