New Jersey Statutes 43:15A-45.1. Increase in retirement allowance under C.43:15A-45 and C.43:15A-50
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Terms Used In New Jersey Statutes 43:15A-45.1
- 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
10. The retirement allowance of each retiree under section 45 of P.L.1954, c.84 (C. 43:15A-45), or the retiree’s beneficiary pursuant to section 50 of P.L.1954, c.84 (C. 43:15A-50), on the effective date of P.L.2001, c.353 shall be increased by a percentage equivalent to the percentage increase in the fraction of final compensation for each year of credited service for the total retirement allowance under these sections made by this act, P.L.2001, c.353 (C. 18A:66-41.1 et al.). The provisions of section 7 of P.L.1969, c.169 (C. 43:3B-8) shall not be applicable to the increases in retirement allowances provided by this section.
L.2001,c.353,s.10.