Bill Text: NJ S3107 | 2014-2015 | Regular Session | Introduced
Bill Title: Makes FY 2015 supplemental State appropriations totaling $300,000,000 for prepayment of portion of FY 2016 employer contributions to State-administered public employee defined benefit retirement systems.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Vetoed) 2015-08-10 - Absolute Veto, Received in the Senate [S3107 Detail]
Download: New_Jersey-2014-S3107-Introduced.html
Sponsored by:
Senator STEPHEN M. SWEENEY
District 3 (Cumberland, Gloucester and Salem)
Senator LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
SYNOPSIS
Makes FY 2015 supplemental State appropriations totaling $300,000,000 for prepayment of portion of FY 2016 employer contributions to State-administered public employee defined benefit retirement systems.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 2015 and regulating the disbursement thereof," approved June 30, 2014 (P.L.2014, c.14).
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.2014, c.14, the annual appropriations act for fiscal year 2015, there are appropriated out of the General Fund the following sums for the purposes specified:
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94 INTERDEPARTMENTAL ACCOUNTS 70 Government Direction, Management, and Control 74 General Government Services 9410 Employee Benefits DIRECT STATE SERVICES |
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03-9410 |
Employee Benefits ............................................................ |
$98,533,000 |
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Total Direct State Services Appropriation, Employee Benefits ........................................... |
$98,533,000 |
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Direct State Services: |
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Special Purpose: |
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03 |
Public Employees' Retirement System |
($70,504,000) |
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03
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Police and Firemen's Retirement System ................................... |
(15,793,000) |
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03
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Police and Firemen's Retirement System (P.L.1979, c.109) ................. |
(428,000) |
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03 |
State Police Retirement System ......... |
(8,095,000) |
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03 |
Judicial Retirement System ............. |
(3,271,000) |
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03
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Teachers' Pension and Annuity Fund ...................................... |
(442,000) |
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Notwithstanding the provisions of any other law or regulation to the contrary, the amounts appropriated hereinabove shall be deposited in the State-administered retirement systems and funds immediately upon enactment and shall be regarded as a prepayment of a portion of the State's required fiscal year 2016 contributions thereto pursuant to section 38 of P.L.2010, c.1 (C.43:3C-14).
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GRANTS-IN-AID |
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03-9410 |
Employee Benefits ............................................................ |
$11,477,000 |
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Total Grants-in-Aid Appropriation, Employee Benefits ........................................... |
$11,477,000 |
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Grants-in-Aid: |
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Special Purpose: |
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03 |
Public Employees' Retirement System |
($10,188,000) |
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03
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Police and Firemen's Retirement System ................................... |
(1,196,000) |
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03
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Teachers' Pension and Annuity Fund ...................................... |
(93,000) |
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Notwithstanding the provisions of any other law or regulation to the contrary, the amounts appropriated hereinabove shall be deposited in the State-administered retirement systems and funds immediately upon enactment and shall be regarded as a prepayment of a portion of the State's required fiscal year 2016 contributions thereto pursuant to section 38 of P.L.2010, c.1 (C.43:3C-14).
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Interdepartmental Accounts, Total State Appropriation ............... |
$110,010,000 |
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Total Appropriation, General Fund ....................................... |
$110,010,000 |
2. In addition to the amounts appropriated under P.L.2014, c.14, the annual appropriations act for fiscal year 2015, there are appropriated out of the Property Tax Relief Fund the following sums for the purposes specified:
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34 DEPARTMENT OF EDUCATION 30 Educational, Cultural, and Intellectual Development 34 Educational Support Services STATE AID |
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39-5094 |
Teachers' Pension and Annuity Assistance .................. |
$176,375,000 |
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Total State Aid Appropriation, Educational Support Services .......................................... |
$176,375,000 |
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(From Property Tax Relief Fund . |
$176,375,000) |
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State Aid: |
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39
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Teachers' Pension and Annuity Fund (PTRF) .............................. |
($176,375,000) |
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Notwithstanding the provisions of any other law or regulation to the contrary, the amount appropriated hereinabove shall be deposited in the Teachers' Pension and Annuity Fund immediately upon enactment and shall be regarded as a prepayment of a portion of the State's required fiscal year 2016 contributions thereto pursuant to section 38 of P.L.2010, c.1 (C.43:3C-14).
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Department of Education, Total State Appropriation .................. |
$176,375,000 |
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82 DEPARTMENT OF THE TREASURY 30 Educational, Cultural, and Intellectual Development 36 Higher Educational Services STATE AID |
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48-2155 |
Aid to County Colleges .......................................... |
$27,000 |
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Total State Aid Appropriation, Higher Educational Services ..................................................... |
$27,000 |
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(From Property Tax Relief Fund . |
$27,000) |
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State Aid: |
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48
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Employer Contributions - Teachers' Pension and Annuity Fund (PTRF) ..... |
($27,000) |
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Notwithstanding the provisions of any other law or regulation to the contrary, the amount appropriated hereinabove shall be deposited in the Teachers' Pension and Annuity Fund immediately upon enactment and shall be regarded as a prepayment of a portion of the State's required fiscal year 2016 contributions thereto pursuant to section 38 of P.L.2010, c.1 (C.43:3C-14).
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70 Government Direction, Management, and Control 75 State Subsidies and Financial Aid STATE AID |
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35-2078 |
Police and Firemen's Retirement System ....................... |
$13,588,000 |
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Total State Aid Appropriation, State Subsidies and Financial Aid ......................................... |
$13,588,000 |
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(From Property Tax Relief Fund . |
$13,588,000) |
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State Aid: |
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35
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Police and Firemen's Retirement System (PTRF) ..................................... |
($7,973,000) |
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35
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Police and Firemen's Retirement System (P.L.1979, c.109) (PTRF) ....... |
(5,615,000) |
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Notwithstanding the provisions of any other law or regulation to the contrary, the amount appropriated hereinabove shall be deposited in the Police and Firemen's Retirement System immediately upon enactment and shall be regarded as a prepayment of a portion of the State's required fiscal year 2016 contributions thereto pursuant to section 38 of P.L.2010, c.1 (C.43:3C-14).
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Department of the Treasury, Total State Appropriation... ........... |
$13,615,000 |
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Total Appropriation, Property Tax Relief Fund ...................... |
$189,990,000 |
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Total Appropriation, All State Funds .................................... |
$300,000,000 |
3. This act shall take effect immediately.
STATEMENT
This bill makes FY 2015 supplemental State appropriations totaling $300,000,000 for additional employer contributions to the State-administered public employee defined benefit retirement systems. The moneys shall be deposited in the retirement systems immediately upon enactment and shall be regarded as a prepayment of a portion of the State's required FY 2016 employer contributions thereto. The $300,000,000 aggregates several Direct State Services, Grants-In-Aid, and State Aid appropriations to the Department of Education, Department of the Treasury, and Interdepartmental Accounts for State contributions to the Judicial Retirement System, Police and Firemen's Retirement System, Public Employees' Retirement System, State Police Retirement System, and the Teachers' Pension and Annuity Fund.
The bill represents a down payment toward the statutorily required FY 2016 State contribution of $3.1 billion to the retirement systems, or 5/7 of the full actuarially determined annual required contribution under P.L.2010, c.1. The appropriation in FY 2015 ensures that the $300 million is invested immediately, rather than at the end of June 2016. Doing so allows for the earning of investment returns in FY 2016 on the appropriated amount.
