Page 32 - 40thAnniversaryNJPSA

Reflections on

NJPSA RETIREMENT SERVICES

For 40 years, NJPSA has been providing numerous While retirement information is available on state and federal
services for its members throughout their careers - from websites, much of it is very confusing, and NJPSA experts
aspiring to retiring. In fact, retirement planning has always are an invaluable resource to help members understand the
been one of the most vital services our members count impact of the many decisions they will need to make in order
on no matter where they are in their career path. NJPSA to maximize their retirement benefits. Of course, the main
members rely on our retirement and benefits experts to questions everyone has in mind are, “Can I afford to retire?”
assist with understanding the complex elements of the and, “What will my medical plan be?” Murphy says that his
New Jersey public employees pension system, to decide information sessions and individual consultations address
when to take Social Security, to analyze the various health these questions, help to clarify the common misperceptions
care options, and to explore the possibility of working about the rules of early retirement, and help members who
after retirement. have already retired. “We run programs for retirees on
Medicare, Social Security, and Planning for their future,”
More than 6,000 NJPSA members have retired since 1981, Murphy said. “Many of our retirees actually retire before the
and nearly 2,000 are active NJPSA Retired Members. Since age they are eligible for Medicare and Social Security - so
taking on the role of Director of Retirement of Services these programs are designed to help them through those
in 2012, Robert Murphy, along with his team of assistant decisions.”
directors, Rebecca Gold, Denise King, and Gary Kuzniak, have
counseled approximately 3,000 members on preparing for There have been many changes over the years to the rules
retirement. and regulations that affect retirees and to the way NJPSA
is able to deliver retirement services. In 2001, the pension
Murphy says he takes great joy in helping people make formula was changed to increase the pension benefit by 9%.
good decisions that will affect them for the rest of their lives. That may have helped more members retire early. However,
“It feels great, and we don’t take that responsibility lightly,” the state eliminated the Cost of Living Adjustment 10 years
Murphy said. “For many of our members the retirement later, and as a result, more members have decided to work
service they receive may be their most intimate relationship an additional year or two in order to offset that loss on future
with NJPSA. Members seem to know us by name and contact pension payments. With each formula change and new
us in retirement anytime they have a question. Speaking for law, retirement services helps our members understand the
Rebecca and Denise, we enjoy helping our members through implications and what they should do.
the only employment decision they totally control.”
In 2020, the COVID-19 pandemic brought about many
As NJPSA members approach the age when they may changes in the way that NJPSA provides membership
consider retiring, they call Retirement Services for a services, including retirement. One bright spot of the pandemic
consultation. Their emotions range from inquisitive, to has been the way Bob Murphy and his team are now able to
nervous, to scared, to excited – depending sometimes on how meet with members and their spouses virtually. Members no
close they actually are to making the big decision. For most longer need to drive to the NJPSA office if they can’t make
members, September 1st of their retirement year will be the the time, and in many cases the member and their spouse are
first September since they were 5 years old that they are not in two different locations. Most recently, evening retirement
looking forward to the start of school. consultations have been made available via Zoom, in order to
be as convenient as we can for our members.