Establishes alternate calculation of retirement benefits for members of TPAF and PERS.

This bill allows members of New Jersey's Teachers’ Pension and Annuity Fund (TPAF) and Public Employees’ Retirement System (PERS) to request an alternative calculation for their retirement benefits. It lets them use their highest three years of earnings (instead of the standard formula) to determine their final compensation, potentially increasing their monthly payments. Members must submit a request within 60 days of receiving an initial notice, and must approve the revised calculation within 30 days of a second notice. The change applies only to future payments - not retroactive payments for benefits already received - and gives those who retired after January 1, 2025, one year after the bill’s effective date to initiate the process.