S 3625
Establishes alternate calculation of retirement benefits for members of TPAF and PERS.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill changes how retirement benefits are calculated for members of the Teachers’ Pension and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS). It allows members to request an alternative calculation of their final compensation, using their average annual compensation for New Jersey service over the last three years of employment, instead of the standard calculation. This aims to potentially increase the benefit amount for eligible retirees. The bill also establishes a process for notifying members of the proposed calculation and provides a timeframe for approval.
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