This bill amends the New Jersey State Police Retirement System (SPRS) regulations to allow members to purchase service credit for specific periods of military and law enforcement training. It permits the purchase of service credit for time spent enrolled in military service academies, specifically the United States Military Academy, Naval Academy, Air Force Academy, and Coast Guard Academy, as well as for time spent in the New Jersey State Police Academy and employment as a class two special law enforcement officer. The bill stipulates that if such credit is established, it will be treated as equivalent to creditable service as a full-time commissioned officer, noncommissioned officer, or trooper.

Additionally, the bill outlines the process for purchasing this service credit, which includes making payments into the annuity savings fund based on actuarial factors related to the member's age and salary. Members can pay in installments over a maximum of ten years, and those who retire before completing payments will receive pro rata credit for the service purchased. The bill also clarifies that the employer is not liable for payments related to the purchase of military service credit and specifies that members will not incur costs associated with pension adjustment benefits when purchasing this credit.

Statutes affected:
Introduced: 53:5A-6, 53:5A-6.1