Eligible workers employed when the law takes effect and already in New Jersey’s public employee pension system would receive law enforcement retirement benefits unless they opt out.
Eligible workers employed when the law takes effect and already in the public employee pension system would enter its law enforcement category unless they opt out. Joining would bring its benefits and required retirement rules.
Workers joining the law enforcement category would receive credit for past eligible service. They would owe the transfer’s calculated added cost if the pension system finds one.
The pension division would enroll eligible workers in the law enforcement retirement category unless they sign a waiver. Coverage is limited to the listed public employers and job titles, including certain police and corrections jobs. Workers must hold a covered job when the law takes effect and have joined the public employee pension system before that date. Workers who opt out would keep regular pension coverage and avoid the law enforcement category’s required retirement. Enrollment would follow within 90 days of the law taking effect. Workers would have 60 days to sign and return the waiver form.
The pension system would count all prior service earned in an eligible job as law enforcement service. This applies to workers enrolled in the law enforcement category through this proposal. If the pension system’s cost expert finds an added pension obligation, the worker would owe the calculated difference between the value of prior service and its value after transfer. Workers could pay at once or in monthly installments over no more than 10 years. Each installment must equal at least half their normal pension contribution.
No hearings or votes scheduled.