New JerseyNewer teachers' pension members would get more favorable retirement benefits
If enacted, current teachers' pension members who joined after May 21, 2010, and have not retired, plus later joiners, would get an earlier group's benefits.
What it does
Current pension members who joined after May 21, 2010, and have not retired would get the retirement and disability benefits offered to members who joined after November 1, 2008, through May 21, 2010. People joining once the bill takes effect would too.
Members who joined after May 21, 2010, would receive the earlier group's retirement benefits if their retirement applications are approved on or after the bill takes effect.
Members receiving long-term disability insurance could apply for disability retirement benefits under the earlier group's rules. They must apply no later than two calendar years after becoming eligible.
Argument forIf enacted, some members who joined on or after June 28, 2011, could retire sooner or receive larger pensions.
Argument againstIf enacted, earlier retirement for members who joined on or after June 28, 2011, could make the pension fund pay benefits for more years.
More detail
The teachers' pension fund would give covered members the benefits offered to an earlier group of members. This covers current members who joined after May 21, 2010, and have not retired, plus new members who join on or after the bill takes effect. The change would start immediately if the bill becomes law.
The teachers' pension fund would give covered retirement applicants the earlier group's retirement benefits. This covers members who joined after May 21, 2010. Their retirement applications must be approved on or after the bill takes effect, which would happen immediately if it becomes law.
Members receiving long-term disability insurance could apply for disability retirement benefits under the earlier group's rules. This covers teachers' pension members receiving long-term disability insurance. They must apply no later than two calendar years after they become eligible to file. This provision would start immediately if enacted.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Oct 1Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation CommitteeIntroduced
EducationEconomy & Jobs