08/22/2024
PBA Initiated Class 2 Special Pension Buyback Signed Into Law
Acting Governor Nick Scutari today signed into law legislation initiated by State PBA President Andreyev to permit Class 2 Special Police Officers - past, present and future - to purchase PFRS credit based on their service as specials.
“This bill resolves an inequity I have witnessed personally as a Point Pleasant Beach officer,” President Andreyev stated. “I have seen Class 2 officers work side by side doing the same work, get hired as full time officers, apply to the Division of Pensions to buy their time as Specials only to see one person approved and the other denied based on whose random desk the paperwork landed on. I felt strongly that this legislation was needed to provide a level playing field for all Class 2 Officers to have an opportunity to buy their time towards their PFRS pension.”
The legislation, sponsored by Assemblyman Anthony Verrelli and Senator Vin Gopal, provides that Class 2 Officers may purchase credit for all or a portion of the service, including time taken during such public employment to complete a basic police training course required for that employment. The officer will be required to pay both the member’s and employer’s share of the cost for the purchase which is the same process used to purchase military time. The purchase of credit will be permitted only if the break between service as such an officer and the date of their enrollment in the PFRS is less than 365 days. Members of the retirement system who are enrolled on the effective date of this bill will have only one year from that effective date to apply for such a purchase.
“I want to thank our Sponsors for working so closely with us on this priority legislation and for helping to fast track this so that it could pass the Legislature unanimously. We will be working with the PFRS Board to ensure the legislation is enacted smoothly according to the intent of the law,” Andreyev said.
