Section 43:15A-48 - Retirement allowance for serviceA member, upon retirement for service, shall receive a retirement allowance consisting of:
a. An annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest; andb. A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of 1/64 of final compensation for each year of service credited as Class A service and 1/55 of final compensation for each year of service credited as Class B service, or for a person who becomes a member of the retirement system on or after the effective date of P.L. 2010, c. 1 1/60 of final compensation for each year of service credited as Class B service.c. Upon the receipt of proper proofs of the death of a member who has retired on a service retirement allowance, there shall be paid to the member's beneficiary, an amount equal to 3/16 of the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service.Amended by L. 2010, c. 1,s. 13, eff. 5/21/2010.L.1954, c.84, p.505, s.48; amended by L.1955, c.261, p.969, s.14; L.1971, c.213, s.22, eff. June 17, 1971; L. 2001, c. 133, s. 13, eff. Oct. 1, 2001.