Under Chapter 78, P.L. 2011
Under the provisions of Chapter 78. P.L. 2011, the Pension and Health Benefit Reform Law, pension planning committees are to be established when a "target
funded ratio" is achieved for each, or part of each, of the State-administered retirement systems.
- Eight-member pension committees will be established for State PERS; Local PERS; TPAF; and the SPRS.
- Ten-member pension committees will be established for the State PFRS and Local PFRS.
Half of the members of each committee will be appointed by the
Governor to represent public employers and half appointed by certain
unions whose members are in the retirement system. When the "target funded ratio" for the system or part of the system is achieved, each committee will have the discretionary authority to modify, by duly promulgated regulations, the: member
contribution rate; formula for calculation of final compensation or
final salary; fraction used to calculate a retirement allowance (PERS and TPAF); age at
which a member may be eligible and the benefits for service or early
retirement; and benefits provided for disability retirement. A committee will not have authority to change the number of years required for vesting.
The rertirement systems below have attained the required 75 percent "target funded ratio" in
Fiscal Year 2012, triggering the creation of pension committees for the plans.
Governor Christie's Press Release