New Jersey Statutes 43:16A-65. Deductions; contributions; credits
Terms Used In New Jersey Statutes 43:16A-65
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Upon the transfer of membership to the Police and Firemen’s Retirement System under the provisions of this 1975 amendatory and supplementary act, the rate of contribution of such member shall be determined by the rates payable by other members, except that the number of years of credited service in the former pension fund shall be deducted from the member’s current age in order to fix the age upon which the rate of contribution is based.
All outstanding obligations such as loans, purchases, and other arrearages shall be met by the transferred employees as previously scheduled for payment to the Public Employees’ Retirement System or a county pension fund.
L.1973, c. 156, s. 6, eff. June 1, 1973. Amended by L.1975, c. 303, s. 3, eff. Feb. 2, 1976.