The State PBA drafted bill to clarify the law governing the 20 and Out retirement benefit for PFRS members today overwhelmingly passed the General Assembly.
Assembly Bill 6024 seeks to confirm that the 20 and Out benefit adopted in 2000 under a law pushed by the State PBA applies to all PFRS enrollees regardless of their age or when they were employed. That law provided for a 50% pension at 20 years of service. The bill is needed to address a misinterpretation of the law adopted by the Christie Administration which sought to limit the benefit. The bill establishes that the 20 year benefit shall be offered to every member of the PFRS immediately.
The bill now heads to the Senate where the State PBA is advocating for its passage in early January.