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

This bill (S 4111) creates an option for members of New Jersey's Teachers' Pension and Annuity Fund (TPAF) and Public Employees' Retirement System (PERS) to request a recalculation of their retirement benefits. It allows retirees (or their beneficiaries) to submit a request within 60 days of receiving an initial notice, asking to use their highest three-year average compensation instead of the standard final compensation calculation. If approved, the recalculation applies only to future benefit payments after the bill's effective date, not retroactively. Retirees who began receiving benefits after January 1, 2025, have one year from the bill's effective date to initiate this process. The bill does not change current benefit calculations but provides a new pathway for potentially higher payments going forward.