We are tracking two bills that are being considered during the final days of the legislative session. The session was scheduled to end today (Wednesday 6/19) but there are indications that it may be extended to the end of the week.
The first bill is A 7276 / S 5895, which would increase the maximum years of service credit that can be earned from 40 years to 50 years. The Senate version has been passed by the Senate; the Assembly version has been referred to the local government committee. It is possible the Assembly will pass their bill before the session ends, but time is running out.
The second bill is A 7552 / S 4207-A, which would increase the Defined Contribution service award from $700 to $1,200. The Senate has passed its bill, and the Assembly version is making its way through the process. The Assembly version is currently on the calendar, and appears it will be moving towards being passed by the Assembly before the end of the session.
We will continue to keep an eye on this and inform you of developments.