New Jersey Statutes 18A:66-126.6. Adjustment of retirement allowances
Terms Used In New Jersey Statutes 18A:66-126.6
- Department: means the State Department of Education. See New Jersey Statutes 18A:1-1
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
The director shall include amounts sufficient to adjust the retirement allowances or pensions payable to all eligible retirants by 60% of the percentum of change in the index as such retirement allowances or pensions may have been originally granted, or increased for certain retirants in accordance with the provisions of the Pension Increase Act (P.L.1969, c.169). The director shall notify the secretary of the retirement system of the percentage of adjustment for the applicable year.
The employer and the pension fund shall each pay one-half of the percentage of adjustment, provided however that if the percentage of adjustment from any one year to the next year is greater than ten percent, the amount paid by the pension fund with respect to that particular period shall be limited to five percent.
Adjustments by the pension fund in the retirement allowance shall only apply after the effective date of this act (P.L.1995, c.240) and there shall be no retroactive payments for adjustments.
In no instance shall the amount of the retirement allowance originally granted and payable to any retirant be reduced as a result of this adjustment.
For purposes of this section, a “retirant” shall include all retirants except those whose retirement allowances commenced within the two calendar years prior to the first of the month in which the adjustment is to become effective in any year.
L.1971,c.278,s.6; amended 1983,c.216,s.9; 1995,c.240,s.11.