This bill amends the current retirement provisions for members of the Prosecutors Part of the Public Employees Retirement System (PERS) in New Jersey. It allows active members who were enrolled prior to the bill's effective date to retire on or after that date, provided they have 20 or more years of creditable service, regardless of their age. These members will receive a service retirement allowance equal to 50 percent of their final compensation. This new provision is significant as it removes the previous requirement that members must be at least 55 years old to qualify for retirement benefits.

Additionally, the bill modifies existing language by replacing the term "Board of Chosen Freeholders" with "board of county commissioners" in the context of allowing prosecutors who reach age 70 to continue in service. The overall effect of the bill is to provide greater flexibility and benefits for long-serving members of the Prosecutors Part, enabling them to retire earlier than previously allowed under the law.

Statutes affected:
Introduced: 43:15A-158