S729 - Contribution-Based Benefit Cap Working Group Changes. (SL 2023-48)

Overview: S.L. 2023-48 amends the Teachers' and State Employees' Retirement System (TSERS) contribution-based benefit cap law in an effort to resolve disputes related to the application of the anti-pension spiking law and it authorizes the Treasurer to designate legal counsel, including private counsel, to represent the administration of benefit programs.

The sections of the act that pertain to the collection of additional contributions and that allow the Treasurer to designate legal counsel became effective July 1, 2023. The remainder of the act, including the section that authorizes the Department of State Treasurer to resolve pending legal actions involving the anti-pension spiking contribution-based benefit cap and sets out the manner in which additional contributions owed can be calculated and paid, became effective June 19, 2023.