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S 4605

Allows for mortgagors to cancel or renegotiate forbearance agreements made during a state disaster emergency

2025 Regular Session Introduced by James Sanders

During a 60-month window, NJ PERS Prosecutors Part members with 20+ years (enrolled before enactment) may retire with a 50% final salary service retirement; age is waived.

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Bill Summary · S 4605

Note on sources/metadata
- The metadata for this file (title, committee referrals, sponsors) appears inconsistent with the bill text provided. The bill text amends New Jersey statutory retirement law for the “Prosecutors Part” of the Public Employees’ Retirement System (PERS). The listed sponsors (Jon Ossoff, James Sanders Jr.) and the title about mortgage forbearance do not match the statutory text. This summary is based on the legislative text included in the “Introduced Version” supplied here.

Summary — S 4605 (Introduced Version)

Main purpose

To allow certain active members of the Prosecutors Part of New Jersey’s Public Employees’ Retirement System (PERS) who were enrolled before the bill’s effective date to retire earlier (regardless of age) if they attain 20 or more years of creditable service — for a limited time — and to receive a service retirement allowance equal to 50% of final compensation.

Key provisions

  • Amends Section 4 of P.L.2001, c.366 (C.43:15A-158).
  • Creates a limited, time‑bound retirement option for qualifying prosecutors:
    • Any member of the Prosecutors Part who was enrolled prior to the bill’s effective date and is an active member on that date may retire on or after the effective date, but no later than 60 months (5 years) after that date.
    • Eligibility: attainment of 20 or more years of creditable service (age is waived for this limited window).
    • Benefit: such a member is entitled to a service retirement allowance equal to 50% of the member’s final compensation.
  • Other existing retirement rules in the statute (e.g., normal retirement at age 55, mandatory retirement at 70 with possible annual continuation) remain in place for other members.
  • Death benefit provision for retirees (payment to beneficiary equal to one-half of the last-year compensation used for annuity contributions) is retained.
  • Effective date: the act takes effect immediately upon enactment.

Who is affected

  • Directly affected: active members of the Prosecutors Part of New Jersey PERS who were enrolled before the bill’s effective date and who reach 20 or more years of creditable service within the 5‑year window. These members could retire earlier than currently permitted by age-based rules and receive a 50% final‑compensation benefit.
  • Indirectly affected: the PERS system and employers (counties and the State) who fund pension contributions; public-prosecutor offices that may face staffing or succession impacts.

Procedural / timeline aspects

  • The provision is a temporary window: eligible members must retire within 60 months after the bill’s effective date to use this rule.
  • The bill text indicates immediate effect upon enactment.

Potential impacts and considerations

  • Pension cost: allowing earlier, age‑waived 50% retirements for a cohort of prosecutors could increase near‑term pension liabilities and actuarial costs for PERS and employer contribution rates (a fiscal note would quantify this).
  • Workforce/operations: prosecutors’ offices could see earlier retirements and need to plan for recruitment, backfill, or continuity of cases.
  • Limited scope: this change applies only to those already enrolled before the effective date and only during a five‑year window, which narrows the population affected.

Related / ancillary information

  • Text references P.L.2001, c.366 and amends C.43:15A‑158.
  • Related bills listed in the provided metadata: S 2218, A 5791 (companions), and prior-session bills S 8444, S 1598, S 6987.

If you want, I can:
- Draft a one‑page fiscal summary estimating possible pension cost effects (requires data on number of eligible members, ages, salaries), or
- Produce a comparison table showing current law vs. proposed change for quick reference.

Compiled from official sources — confirm details with the bill’s official record.

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