The bill amends existing legislation regarding the creditable service and purchase of service credit for members of the retirement system in New Jersey. It expands the categories of service that can be considered creditable, including service as a chief inspector, deputy chief inspector, and various ranks within the Motor Vehicle Commission and the State Capitol Police Force, as well as service in the Alcoholic Beverage Control Enforcement Bureau and the Bureau of Marine Law Enforcement. Members can transfer service credit from other state-administered retirement systems, provided the necessary contributions are made. Additionally, the bill allows members to purchase credit for military service, including time spent at military service academies, with specific provisions regarding the maximum years of credit that can be purchased.

The bill also outlines the process for members to purchase service credits, including payment terms and conditions, and stipulates that members who retire before completing their payments will receive pro rata credit for the service purchased. It clarifies that employers are not liable for payments related to the purchase of military service credit and establishes the Adjutant General's role in determining veteran status for credit eligibility. Furthermore, it ensures that members are not responsible for costs associated with pension adjustment benefits and health care benefits when purchasing military service credit. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 53:5A-6, 53:5A-6.1
Advance Law: 53:5A-6, 53:5A-6.1
Pamphlet Law: 53:5A-6, 53:5A-6.1