The bill amends existing laws regarding creditable service for members of the retirement system in New Jersey, specifically addressing various types of service that can be counted towards retirement benefits. It expands the definition of creditable service to include not only service as a full-time commissioned officer, noncommissioned officer, or trooper but also service in roles such as chief inspector and deputy chief inspector within the Motor Vehicle Commission, as well as positions in the State Capitol Police Force and the Bureau of Marine Law Enforcement. The bill allows for the transfer of service credit from other state-administered retirement systems, provided that the necessary contributions are made by both the state and the member.

Additionally, the bill outlines provisions for members wishing to purchase service credit for military service, including time spent in military service academies. It specifies that members can purchase up to 10 years of credit, with the possibility of an additional five years for qualifying military service. The bill also 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 these purposes. Members who retire before completing their payment obligations will receive pro rata credit for the service purchased prior to retirement, with an option to make a lump sum payment at that time for full credit.

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