New Jersey Statutes 43:15A-159. “Special retirement” after 25 years of creditable service. formula
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Terms Used In New Jersey Statutes 43:15A-159
- 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
5. Should a member of the Prosecutors Part resign after having established 25 years of creditable service, the prosecutor may elect “special retirement,” provided, that such election is communicated by the prosecutor to the retirement system by filing a written application, duly attested, stating at what time subsequent to the execution and filing thereof the prosecutor desires to be retired. The prosecutor shall receive, in lieu of the payment provided in section 4 of P.L.2001, c.366 (C. 43:15A-158), a 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 65% of final compensation, plus 1% of final compensation multiplied by the number of years of creditable service over 25 but not over 30.
The board of trustees shall retire the prosecutor at the time specified or at such other time within one month after the date so specified as the board finds advisable.
Upon the receipt of proper proofs of the death of such a retirant, there shall be paid to the retirant’s beneficiary an amount equal to one-half of the final compensation received by the prosecutor.
L.2001,c.366,s.5.