New Jersey Statutes 43:15A-147. Conditions for receipt of one-half of final salary
Terms Used In New Jersey Statutes 43:15A-147
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
a. served at least five years successively as a judge of compensation and attained the age of 65 years or more while serving in such office and has served at least 15 years of aggregate public service, or
b. served at least five years successively as a judge of compensation and attained the age of 60 years or more while serving in such office and has served at least 20 years of aggregate public service, may retire and receive the retirement allowance prescribed by this section. The retirement allowance shall consist of an annuity that shall be the actuarial equivalent of the member’s accumulated deductions together with regular interest, and a pension that, when added to the member’s annuity, shall provide a retirement allowance during the remainder of the member’s life in an amount equal to one-half of the member’s final salary.
L.2001,c.259,s.6.