This bill allows members of the Public Employees Retirement System (PERS) to purchase service credit for up to one year of time spent as an Eagleton Science and Politics Fellow at the Eagleton Institute of Politics at Rutgers University. To do so, members must agree to make the necessary contributions to cover the service time. The purchase can be made in a lump sum or through regular monthly installments, and members are required to submit a statement of service, signed by the Director of the Eagleton Institute, detailing their time and nature of service in the fellowship program.

Additionally, the bill stipulates that members who have a vested right to retirement benefits in another system based on that service are ineligible to make this purchase. Importantly, the employer will not be liable for any contributions related to this purchase; all required contributions will be the responsibility of the member. If a member retires before completing the payment for the service credit, they will receive pro rata credit, with the option to make a lump sum payment at retirement to obtain full credit.