2023 New Jersey Statutes 53:5A-27. “Special” retirement
(1) An annuity which shall be the actuarial equivalent of his aggregate contributions; and
(2) A pension in the amount which, when added to the member’s annuity, will provide a total retirement allowance of 65% of his final compensation, plus 1% of his final compensation multiplied by the number of years of creditable service over 25, but not over 30.
The board of trustees shall retire him at the time specified or at such other time within one month after the date so specified, as the board finds advisable.
b. Upon the receipt of proper proofs of the death of such a retired member, there shall be paid to the member’s beneficiary an amount equal to one-half of the final compensation received by the member.
L.1965, c.89, s.27; amended 1966, c.153, s.15; 1971, c.181, s.17; 1980, c.55, s.4; 1983, c.403, s.41; 1991, c.379, s.1; 1997, c.19, s.11; 2019, c.251, s.3.