N.J. Admin. Code § 17:2-5.4

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:2-5.4 - Compulsory contributions (back deductions)

(a) An employee who was required to enroll and whose application was filed beyond his or her compulsory date of enrollment will be required to make retroactive contributions to the date of compulsory enrollment. Contributions will be calculated on the basis of the member's current salary at the current pension rate of contribution assigned as of his or her compulsory date of enrollment with regular interest. For members enrolled on or after July 1, 2007, the member's salary for each calendar year will be limited by the maximum compensation as determined by N.J.A.C. 17:2-4.17.

(b) Veterans who were ineligible to establish membership in a local contributory pension fund and who elect to enroll in accordance with the provisions of P.L. 1966, c. 71, must agree, prior to their enrollment, to purchase all continuous public employment with the same employer since January 1, 1955, or the date of their regular appointment. The purchase of service will be calculated on the basis of their current salary multiplied by the actuarial factor established for the member's age at the time of purchase.

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