New Jersey Statutes 18A:66-110.2. Increase in certain retirement benefits
Terms Used In New Jersey Statutes 18A:66-110.2
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
b. The retirement allowance of each retiree under N.J.S.18A:66-110, N.J.S. 18A:66-113 and section 4 of P.L.1971, c.382 (C. 18A:66-113.1), who retired on or after January 1, 1995 and before January 10, 2000, or of the retiree’s beneficiary pursuant to N.J.S.18A:66-110, on the effective date of this act, P.L.2001, c.454 (C. 18A:66-110.2 et al.), shall be increased by 11.1%.
c. The pension fund shall be liable for any increased cost to an employer under section 6 of P.L.1971, c.278 (C. 18A:66-126.6) as a result of this section.
d. A person who is eligible to receive an increased retirement allowance under this section may, at any time, waive his or her right thereto by filing a written notice of waiver with the secretary of the pension fund. The application for the waiver of all or part of the increase shall be made by the retiree at least 30 days prior to the desired effective date on a form satisfactory to the pension fund and shall be effective on the first day of the following month. Such waiver may be withdrawn at any time and upon such withdrawal the increase in the retirement allowance shall commence with the retirement allowance payment for the next following month.
L.2001,c.454,s.4.