Permits purchase of service credit in PERS for period of time after termination of public employment due to COVID-19 pandemic if member returned to PERS employment within 12 months.

This bill allows public employees in New Jersey's Public Employees' Retirement System (PERS) who lost their jobs without fault due to the COVID-19 pandemic to buy back retirement service credit if they return to a PERS-eligible job within 12 months. To qualify, members must repay all retirement contributions they withdrew during their pandemic-related job loss. The bill permits purchasing credit by paying an actuary-calculated amount based on their salary, in installments over up to 10 years. It applies retroactively to January 1, 2021, and restores members to their original retirement tier upon returning to work.