This bill amends the current law governing accidental death benefits for members of the Police and Firemen's Retirement System (PFRS) in New Jersey. It allows a companion of a deceased member, in the absence of a surviving spouse, to receive a pension equal to 70% of the member's compensation or adjusted final compensation, or a minimum of $50,000, whichever is greater. The bill also introduces the concept of "adjusted final compensation," which is defined as the member's last year's compensation increased by the same percentage as any adjustments made to the compensation schedule of active members until the member would have accrued 25 years of service. This adjustment will apply to benefits granted prior to the bill's effective date but will only affect payments made after that date.

Additionally, the bill provides a mechanism for companions of members who died on or after January 1, 2023, to apply for the accidental death pension retroactively to the date of the member's death, provided certain conditions are met, such as the absence of a surviving spouse, children, or dependent parents. The definition of "companion" is also established, outlining specific criteria that must be met for an individual to qualify. Overall, the bill aims to enhance the benefits available to the survivors of PFRS members who die in the line of duty, ensuring that companions are recognized and compensated similarly to surviving spouses.

Statutes affected:
Introduced: 43:16A-10