Allows certain elected municipal officials in New Jersey to retire while still holding office if they forfeit compensation.
This bill allows elected officials in New Jersey municipalities to retire while still holding office if they voluntarily forfeit compensation. The retirement allowance must not be based solely on their service in that office. The Department of the Treasury will create rules to implement this change, which will be effective if the retirement system's qualified status under federal law can be maintained.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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