This bill amends the New Jersey State Police Retirement System (SPRS) regulations to allow members to purchase service credit for specific periods of military and law enforcement training. It permits the purchase of service credit for time spent enrolled in military service academies, specifically the United States Military Academy, Naval Academy, Air Force Academy, and Coast Guard Academy, as well as for time spent in the New Jersey State Police Academy and employment as a class two special law enforcement officer. The bill stipulates that if such credit is established, it will be treated as equivalent to creditable service as a full-time commissioned officer, noncommissioned officer, or trooper within the SPRS.

Additionally, the bill outlines the process for purchasing this service credit, which includes making payments into the annuity savings fund based on actuarial factors related to the member's age and salary. Members can pay in installments over a maximum of ten years. It also specifies that the purchase of credit for service as a class two special law enforcement officer is contingent upon a break of less than 365 days between that service and enrollment in the SPRS. Furthermore, the bill clarifies that members who retire before completing their payment obligations will receive pro rata credit for the service purchased prior to retirement, with an option to make a lump sum payment at that time to secure full credit.

Statutes affected:
Introduced: 53:5A-6, 53:5A-6.1