This bill amends the New Jersey Teachers' Pension and Annuity Fund (TPAF) regulations to extend the period during which a member can maintain their membership after discontinuing service from 10 years to 15 years. Specifically, it modifies N.J.S.18A:66-7, N.J.S.18A:66-15, N.J.S.18A:66-36, and other related sections to reflect this change. The bill ensures that if a member discontinues service for more than 15 consecutive years, their membership will cease, and it also outlines the implications for service credit and pension calculations for those who return to service after such a discontinuance.

Additionally, the bill includes provisions that clarify the conditions under which a member can elect to receive retirement benefits or a deferred retirement allowance, as well as the transfer of pension reserves when a member opts for an alternate benefit program. The changes aim to provide greater flexibility and security for TPAF members regarding their retirement planning and benefits. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 18A:66-173