Sponsored by:
Senator PATRICK J. DIEGNAN, JR.
District 18 (Middlesex)
SYNOPSIS
Provides maximum pension to certain JRS members.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the retirement allowance of certain members of the Judicial Retirement System and supplementing P.L.1973 c.140 (C.43:6A-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of P.L.1973, c.140 (C.43:6A-1 et seq.) or any other law, rule, or regulation to the contrary, any judge of the several courts who, upon reaching the mandatory retirement age of 70, has served less than 10 years as a judge because the judge attained the age of 60 years after the date of the declaration of a public health emergency or state of emergency, or both, by the Governor, and before the end date of either emergency shall be eligible to receive a retirement allowance consisting of an annuity which shall be the actuarial equivalent of the judge’s accumulated deductions together with regular interest, and a pension which, when added to the annuity, will provide a retirement allowance during the remainder of the judge’s life in the amount equal to three-quarters of the judge’s final salary.
2. This act shall take effect immediately.
STATEMENT
At present, a judge who has 10 years of service in the Judicial Retirement System and has reached 70 years of age is retired on an annual retirement allowance equal to three-quarters of final salary. If a judge is over age 60 when appointed, the judge cannot serve for 10 years in order to be eligible for this benefit because of the age 70 mandatory retirement requirement for judges.
As a result of COVID-19, some judicial appointments in this State will be postponed a few months. If a judge attains the age of 60 prior to the original date of appointment because of the public health and economic crisis caused by COVID-19, the judge will not be eligible for full retirement benefits.
This bill provides that any judge of the several courts who, upon reaching the mandatory retirement age of 70, has served less than 10 years as a judge because the judge attained the age of 60 years after the date of the declaration of a public health emergency or state of emergency, or both, by the Governor, and before the end date of either emergency is eligible to receive the maximum pension of three-quarters of the member's final salary.