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

This bill (S 3625) creates an alternative method for calculating retirement benefits for members of New Jersey's Teachers’ Pension and Annuity Fund (TPAF) and Public Employees’ Retirement System (PERS). It allows members to request a recalculation using their highest average annual pay from any three years of service (instead of the standard formula), with specific 60-day and 30-day deadlines for submitting requests and approving the new calculation. The change applies only to future benefit payments - not retroactive increases - and gives retirees who began receiving benefits after January 1, 2025, one year after the bill’s effective date to request this recalculation. The Division of Pensions and Benefits handles the notice process and final approval.