This bill allows members of the Public Employees Retirement System (PERS) to purchase service credit for time spent as an Eagleton Science and Politics Fellow at Rutgers University. Members can acquire up to one year of service credit by making the necessary contributions, which will be calculated based on their age and salary at the time of purchase or the highest annual compensation from prior service, whichever is greater. The purchase can be made in a lump sum or through monthly installments, and members must submit a statement of service signed by the Director of the Eagleton Institute of Politics.

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