The bill amends Section 1 of P.L.2022, c.9 (C.43:16A-5.3) to allow certain members of the Police and Firemen's Retirement System (PFRS) to remain in the system beyond the mandatory retirement age of 65. Specifically, police chiefs or fire chiefs who are serving on the effective date of the bill and will turn 65 within a specified timeframe can continue their membership until they reach 67, provided that their appointing authority approves their continued service in writing. This amendment aims to provide flexibility for experienced leaders in law enforcement and fire departments.

Additionally, the bill mandates that within 30 days after the end of the 60th calendar month following the effective date, the Board of Trustees of the PFRS must submit a report to the Governor and the Legislature. This report will detail the number of members who were allowed to continue serving as chiefs after age 65, the duration of their service, and the overall impact of this extended service on the retirement system. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 43:16A-5.3
Advance Law: 43:16A-5.3
Pamphlet Law: 43:16A-5.3