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 introduces provisions that allow a companion of a deceased member to receive a pension equal to 70% of the member's compensation or adjusted final compensation, provided there is no surviving spouse, children, or dependent parents. The bill also establishes a definition for "companion" and outlines the criteria that must be met for an individual to qualify as such. Additionally, it allows companions of members who died on or after January 1, 2023, to apply for the pension retroactively to the date of the member's death, under specific conditions.

Furthermore, the bill mandates an adjustment to the final compensation used in calculating the accidental death benefit for surviving spouses, companions, and children. This adjustment will reflect the same percentage increases applied to the compensation schedule of active members after the member's death, up until the member would have accrued 25 years of service. The adjusted amount will become fixed after this period and will serve as the basis for future cost-of-living adjustments. The bill ensures that these adjustments apply to benefit entitlements granted prior to its effective date, but no retroactive payments will be made based on the difference between the adjusted and previously received benefits.

Statutes affected:
Introduced: 43:16A-10