Full Bill Text

Full Bill Text

Vetoed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to pass a bill that authorizes a renaissance school district to elect to provide additional benefits to retiring teachers and extends the application period for renaissance school projects.

Highlights:

• Requires a “renaissance school district” under the Teachers' Pension and Annuity Fund (TPAF) or Public Employees' Retirement System (PERS) to elect whether to provide the benefits described by the provisions of this bill with the adoption of a resolution by the district’s governing body (Sec. 7).

• Authorizes a “renaissance school district” under the TPAF or PERS to provide an employee who retires within the 2 months following the district’s resolution with certain additional benefits based on their age and years of service credit at retirement, including, but not limited to, the following benefits (Sec. 7):
• An additional 3 years of service credit; and
• An additional $500 pension payment for the 24 months following retirement.

• Prohibits the retirement allowance of a member of the TPAF or PERS from being reduced if the member is less than 55 years of age at the time of retirement (Sec. 7). 

• Authorizes a nonprofit entity to submit an application to create a “renaissance school project” until January 12, 2016, if the project is to be located in a municipality subject to the “Municipal Rehabilitation and Economic Recovery Act” (Sec. 3).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes a renaissance school district to elect to provide additional benefits to retiring teachers and extends the application period for renaissance school projects.

Highlights:

• Requires a “renaissance school district” under the Teachers' Pension and Annuity Fund (TPAF) or Public Employees' Retirement System (PERS) to elect whether to provide the benefits described by the provisions of this bill with the adoption of a resolution by the district’s governing body (Sec. 7).

• Authorizes a “renaissance school district” under the TPAF or PERS to provide an employee who retires within the 2 months following the district’s resolution with certain additional benefits based on their age and years of service credit at retirement, including, but not limited to, the following benefits (Sec. 7):
• An additional 3 years of service credit; and
• An additional $500 pension payment for the 24 months following retirement.

• Prohibits the retirement allowance of a member of the TPAF or PERS from being reduced if the member is less than 55 years of age at the time of retirement (Sec. 7). 

• Authorizes a nonprofit entity to submit an application to create a “renaissance school project” until January 12, 2016, if the project is to be located in a municipality subject to the “Municipal Rehabilitation and Economic Recovery Act” (Sec. 3).

Full Bill Text