N.J. Admin. Code § 17:2-4.17

Current through Register Vol. 56, No. 18, September 16, 2024

Section 17:2-4.17 - Maximum compensation limit for pension contributions based upon annual maximum wage contribution base for Social Security

(a) Members who are enrolled on or after July 1, 2007 are subject to a maximum compensation limit for pension contributions. The maximum compensation limit is based on the annual maximum wage contribution base for Social Security, which is subject to change each calendar year. Compensation above the maximum will be subject to Defined Contribution Retirement Program (DCRP) rules.

(b) Members enrolled in the PERS who also participate in the DCRP based on (a) above will receive service credit in their corresponding PERS account and will be eligible to retire under the rules of the PERS. The salaries used in the calculation of the retirement benefits are limited to the maximum compensation amounts in effect when the salary is earned.

Amended by 50 N.J.R. 646(a), effective 1/16/2018