On Monday Assembly State and Local Government Committee will be considering A-4498, which provides police and fire personnel a retirement allowance after 20 years of service, regardless of age. The League joins the New Jersey Association of Counties in our continued opposition to enhanced benefits. The additional costs will be borne by the taxpayers at a time when local governments can least afford it.
P.L. 2021, c. 52 permitted police and fire employees to retire after 20 years regardless of age and receive a retirement allowance equal to 50% of the member’s final compensation. However, the law will expire after two years in May. The purpose of the two-year expansion was to study the impact the enhanced benefit would have on the pension system.
The League will be requesting a fiscal note on the impact of the two-year experience on the fund.
Contact: Lori Buckelew, Deputy Executive Director & Director of Government Affairs, firstname.lastname@example.org, 609-695-3481, x112.