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 the Eagleton Institute of Politics 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. To initiate this process, members must 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 the same service are ineligible to purchase this credit. It also clarifies that the employer will not be liable for any contributions related to this purchase, as all required payments 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.