"20 and Out" Bill Awaits Governor Murphy's Signature (S1017)
The “20-and-out” Bill, S1017, has passed both legislative Chambers and now is with the Governor’s Office for approval. The main implication of this bill is that members who have 20 years or more of service can retire on a 50% Service Retirement benefit at any age. Previously, the last piece of legislation which granted this benefit required that the member be enrolled by January of 2000 in order to retire at any age with 20 years of service. For members enrolled after that date, retirement was still available after 20 years however benefit payments would not start until the member attained the age of 55 years. This bill has no effect on the Special Retirement for members retiring with 25 or more years of service.