Establishes alternate calculation of retirement benefits for members of TPAF and PERS.
This bill establishes an alternate calculation of retirement benefits for members in the Teachers’ Pension and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS). Members or their designated beneficiaries can request a recalculation of final compensation using the average annual compensation for New Jersey service during any three years providing the largest benefit. The Division of Pensions and Benefits must send notices detailing the original and recalculated final compensation.
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