N.J. Admin. Code § 17:2-8.12

Current through Register Vol. 56, No. 8, April 15, 2024

Section 17:2-8.12 - Service retirement

(a) If a prosecutor is a member of the PERS on the basis of other public service, no application for retirement shall be approved until the prosecutor has terminated all service covered by the System.

(b) A member who was employed as a prosecutor on January 7, 2002 may retire with 20 or more years of creditable Prosecutors Part service at any age by filing a retirement application, duly attested, stating at what time subsequent to the execution and filing thereof the member desires to be retired.

(c) A member who was not employed as a prosecutor on January 7, 2002 may retire at age 55 by filing a retirement application, duly attested, stating at what time subsequent to the execution and filing thereof the member desires to be retired.

(d) The service retirement allowance shall consist of:

1. An annuity which shall be the actuarial equivalent of the prosecutor's aggregate contributions; and

2. A pension in the amount, when added to the annuity, would provide a total retirement allowance of 1/60th of average final compensation multiplied by the number of years of creditable prosecutor's service, or two percent of average final compensation multiplied by the number of years of creditable prosecutor's service up to 30 plus one percent of average final compensation multiplied by the number of years of creditable prosecutor's service over 30, or 50 percent of final compensation if the prosecutor has established 20 or more years of creditable prosecutor's service, whichever is greatest.

N.J. Admin. Code § 17:2-8.12

Amended by R.2010 d.149, effective 7/19/2010.
See: 41 N.J.R. 4667(a), 42 N.J.R. 1612(b).
In (b) and (c), substituted "retirement" for "written".