Permits municipality, fire district or authority to approve transfer of certain firefighters from PERS to PFRS.

This bill (A2251) allows firefighters employed by municipalities, fire districts, or authorities to transfer from the Public Employees' Retirement System (PERS) to the Police and Firemen's Retirement System (PFRS), if they meet specific criteria. It directly affects firefighters hired after age 35 (who were automatically enrolled in PERS due to age restrictions) and currently enrolled in PERS, provided they meet PFRS's definition of "fireman" and obtain governing body approval. Key provisions require a 90-day waiver of PERS benefits, with full credit for transferred service only if the firefighter pays the accrued liability cost; otherwise, benefits are apportioned based on service credit ratios. The State will not cover additional costs for local employers resulting from these transfers.