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 extension applies to those whose age milestone falls between the effective date of the bill and the last day of the 60th calendar month following that date.

Additionally, the bill mandates that within 30 days after 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, the duration of their service beyond age 65, and the overall impact of this extended service on the retirement system. The act is set to take effect immediately upon approval, which occurred on February 28, 2025.

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