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Governor Murphy, in his 2021 budget address, committed a full payment into the State’s pension system. This will be the first full contribution since 1996. The Governor’s original plan had a 90% contribution planned for this year, with the first 100% contribution pegged for 2023. 

The Board approved the final steps to adopt the regulations, a groundbreaking achievement in setting the course for the transfer of fund assets and independent control over by the PFRS Board. Senior Board leadership and management are in ongoing discussions with the Governor’s office regarding the next steps of the asset transfer. The Board’s regulatory attention will now shift towards administrative regulations and the proposed modifications to the break-in-service rules. 

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.