N.J. Admin. Code § 17:2-6.24

Current through Register Vol. 56, No. 11, June 3, 2024

Section 17:2-6.24 - Final compensation; biweekly salary computation for employees reported on a biweekly basis

(a) The determination of final compensation for 10- and 12-month members is dependent on a member's PERS enrollment date.

1 In the case of members enrolled on or before May 10, 2010, a total of 78 biweekly pensionable pay periods will be used to compute "final compensation" for 12-month employees reported on a biweekly basis. "Final compensation" will include any retroactive salary payments that are attributable to the covered period.

2. In the case of members enrolled after May 10, 2010, a total of 130 biweekly pensionable pay periods will be used to compute "final compensation" for 12-month employees reported on a biweekly basis. "Final compensation" will include any retroactive salary payments that are attributable to the covered period.

(b) In computing (a)1 or 2 above, the total salary will be adjusted by the factors supplied by the actuary to convert biweekly salaries to compensate for biweekly payroll schedules. Application of the factors to the salaries reported for pension purposes will develop "final compensation."

(c) In computing (a)1 or (a)2 above in the case of employees reported on a 10-month basis, the total biweekly pay periods will include those pay periods in the third quarter of each year in which the member does not receive a salary. The adjustment as specified in (b) above shall not be made.

(d) If a member was reported on a biweekly basis on any combination of 10 and 12-month contract years, the final average compensation prior to retirement shall be determined on a proportional basis.

N.J. Admin. Code § 17:2-6.24

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