N.J. Admin. Code § 17:2-8.6

Current through Register Vol. 56, No. 17, September 3, 2024

Section 17:2-8.6 - Purchase of service

(a) Any active member of the Prosecutors Part may make an optional purchase of service as authorized at N.J.A.C. 17:2-5.5.

(b) Any purchase requested after September 24, 2021, shall be credited as regular PERS service in the calculation of benefits, except for the following three types of service, which shall be credited as Prosecutors Part service. The cost of this Prosecutors Part service shall be determined using Prosecutors Part actuarial purchase factors:

1. Temporary service as a prosecutor beginning on September 24, 2021, which led directly to a permanent employment as a prosecutor;

2. Service properly credited in the Prosecutors Part on or after September 24, 2021, as to which contributions had been withdrawn in accordance with N.J.S.A. 43:15A-8.b; and

3. Leaves of absence without pay after September 24, 2021, from service as prosecutor. A prosecutor may purchase the period of a leave of absence pursuant to N.J.A.C. 17:2-5.5(a)4.

(c) An active member who wishes to purchase service credit shall file an application with the Division. The cost shall be calculated in accordance with 17:2-5.5. The member must pay into the annuity savings fund, the amount required by applying the factor, supplied by the actuary, to the member's age at the time of purchase and to the member's salary at that time or to the highest annual compensation for service in this State during any fiscal year, including a fiscal year for which credit is purchased, whichever is the highest. Such purchase may be made in regular installments, equal to at least one-half the full normal contribution to the retirement system over a maximum period of 10 years.

N.J. Admin. Code § 17:2-8.6

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

Amended by 55 N.J.R. 749(a), effective 4/17/2023