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 regardless of age, provided they have 20 or more years of creditable service. This retirement must occur on or after the effective date of the bill but no later than 60 months following that date. Members qualifying under this provision will receive a service retirement allowance equal to 50 percent of their final compensation.

Currently, members must be at least 55 years old and have 20 years of service to qualify for a similar retirement allowance. The bill introduces new language that permits earlier retirement options for eligible members, thereby expanding their retirement benefits and flexibility. The deletion of the term "Board of Chosen Freeholders" and its replacement with "board of county commissioners" reflects a modernization of the language used in the law.

Statutes affected:
Introduced: 43:15A-158