New Jersey Statutes 43:15A-158. Retirement on service retirement allowance, formula
Terms Used In New Jersey Statutes 43:15A-158
- 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.
- 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
b. Upon retirement for service a prosecutor shall receive a service retirement allowance which shall consist of:
(1) An annuity which shall be the actuarial equivalent of the prosecutor’s aggregate contributions and
(2) A pension in the amount which, when added to the prosecutor’s annuity, will provide a total retirement allowance of one-sixtieth of average final compensation multiplied by the number of years of creditable service, or 2% of average final compensation multiplied by the number of years of creditable service up to 30 plus 1% of average final compensation multiplied by the number of years of creditable service over 30, or 50% of final compensation if the prosecutor has established 20 or more years of creditable service, whichever is greater.
c. Any prosecutor as of the effective date of P.L.2001, c.366 (C. 43:15A-155 et seq.) who has 20 or more years of creditable service at the time of retirement shall be entitled to receive a retirement allowance equal to 50% of final compensation plus, in the case of a prosecutor required to retire pursuant to the provisions of subsection a. of this section, 3% of final compensation multiplied by the number of years of creditable service over 20 but not over 25.
d. Upon the receipt of proper proofs of the death of a prosecutor who has retired on a service retirement allowance, there shall be paid to the prosecutor’s beneficiary an amount equal to one-half of the compensation upon which contributions by the prosecutor to the annuity savings fund were based in the last year of creditable service.
L.2001,c.366,s.4.