Increases accidental death benefit for surviving spouse or surviving children of certain PERS members and retirants; provides accidental death benefit to beneficiary of certain PERS and PFRS members and retirants; redefines child.
Impact
The enactment of S702 will significantly modify current state laws concerning retirement benefits, particularly in the sphere of public safety personnel. It introduces more generous provisions, allowing retroactive benefits for accidental death claims and extending eligibility to the children of members based on updated definitions. This adjustment is particularly beneficial for survivors of law enforcement officers and firefighters who may have perished in the line of duty, ensuring that their loved ones have access to financial support at crucial times.
Summary
Senate Bill 702, known as S702, is designed to enhance the accidental death benefits for the surviving spouses or children of members and retirees of the Public Employees' Retirement System (PERS) and the Police and Firemen's Retirement System (PFRS) in New Jersey. This legislation aims to provide increased financial support to beneficiaries in the event of an accidental death of eligible members, while also redefining the term 'child' to include additional criteria that allows for more beneficiaries to receive support.
Sentiment
The sentiment around S702 appears to be largely positive among advocates for public safety personnel, particularly considering the increased protection it offers to the families of these individuals. The bill has received unanimous support in committee votes, suggesting broad bipartisan agreement on the importance of addressing the needs of these families following tragic losses. However, there may also be challenging considerations regarding state funding and the impact on retirement systems that advocates need to address.
Contention
While no significant points of contention have emerged publicly regarding S702, potential concerns could arise surrounding the finances of the retirement systems and how these new measures will be funded. Additionally, discussions may focus on ensuring that the redefined term 'child' appropriately aligns with societal norms and continuing to support families adequately without imposing unsustainable liabilities on the state's budget. Overall, the bill seems to reflect a strong commitment to enhancing the welfare of families affected by the loss of law enforcement and emergency response personnel.
Same As
Increases accidental death benefit for surviving spouse or surviving children of certain PERS members and retirants; provides accidental death benefit to beneficiary of certain PERS and PFRS members and retirants; redefines child.
Increases accidental death benefit for surviving spouse or surviving children of certain PERS members and retirants; provides accidental death benefit to beneficiary of certain PERS and PFRS members and retirants; redefines child.
Increases accidental death benefit for surviving spouse or surviving children of certain PERS members and retirants; provides accidental death benefit to beneficiary of certain PERS and PFRS members and retirants; redefines child.
Permits companion to receive PFRS accidental death pension when there is no surviving spouse; requires adjustment of final compensation for calculation of accidental death benefit for surviving spouse, companion, and children of PFRS members.
Permits companion to receive PFRS accidental death pension when there is no surviving spouse; requires adjustment of final compensation for calculation of accidental death benefit for surviving spouse, companion, and children of PFRS members.
Permits surviving spouses of certain members to retain accidental death benefits upon remarriage; provides for regaining of any such lost benefits prior to the rule change.