N.J. Admin. Code § 17:3-6.11

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:3-6.11 - Early retirement; reduction

(a) The qualifications for an "early retirement" depend on a member's date of enrollment in the TPAF, and are as follows:

1. For a member whose enrollment date is on or before July 1, 2007:

i. Retirement with 25 or more years of credited service before the first of the month in which a member attains age 60 shall be classified as an "early" retirement, unless the member retires on a veteran's retirement allowance.

ii. The statutory reduction of one quarter of one percent applies to each month prior to the month in which the member attains age 55 and for the month in which the member attains age 55 if the member's 55th birthday occurs after the 15th day of the month.

2. For a member whose enrollment date is after July 1, 2007, but before November 2, 2008:

ii. The statutory reduction of 1/12 of one percent (one percent per year) for each month under age 60 through age 55, and 1/4 of one percent (three percent per year) for each month under age 55 applies to each month prior to the month in which the member attains age 60 and for the month in which the member attains age 60 if the member's 60th birthday occurs after the 15th day of the month.

3. For a member whose enrollment date is on or after November 2, 2008, but before June 28, 2011:

i. Retirement with 25 or more years of credited service before the first of the month in which a member attains age 62 shall be classified as an "early" retirement, unless the member retires on a veteran's retirement allowance.

ii. The statutory reduction of 1/12 of one percent per month (one percent per year) for each year under age 62 but over age 55; and three percent per year (1/4 of one percent per month) for each year under age 55 applies to each month prior to the month in which the member attains age 62 and for the month in which the member attains age 62 if the member's 62nd birthday occurs after the 15th day of the month.

4. For a member whose enrollment date is on or after June 28, 2011:

i. Retirement with 30 or more years of credited service before the first of the month in which a member attains age 65 shall be classified as an "early" retirement, unless the member retires on a veteran's retirement allowance.

ii. The statutory reduction of 1/4 of one percent per month applies for each month prior to the month in which the member attains age 65 (three percent per year), and for the month in which the member attains age 65 if the member's 65th birthday occurs after the 15th day of the month.

N.J. Admin. Code § 17:3-6.11

Adopted by 47 N.J.R. 2876(a), effective 11/16/2015