N.J. Stat. § 18A:66-41

Current through L. 2024, c. 80.

Section 18A:66-41 - Ordinary disability allowances

A member upon retirement for ordinary disability shall receive a retirement allowance which shall consist of:

(a) an annuity which shall be the actuarial equivalent of his accumulated deductions at the time of his retirement together with regular interest after January 1, 1956; and

(b) a pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of 1.64% of final compensation multiplied by his number of years of creditable service; and provided further, that in no event shall the allowance be less than 43.6% of final compensation.

Upon the receipt of proper proofs of the death of a member who has retired on an ordinary disability retirement allowance, there shall be paid to such member's beneficiary, an amount equal to 1 1/2 times the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service or in the year of the member's highest contractual salary, whichever is higher; provided, however, that if such death shall occur after the member shall have attained age 60, the amount payable shall equal 3/16 of such compensation. The death benefits provided in this section shall apply to any member who has retired or shall retire on or after January 1, 1956.

N.J.S. § 18A:66-41

Amended 1971, c.121, s.22; 1995, c.410, s.2; c. 353, s. 1, eff. 1/6/2002.

L. 2001, c. 353, s. 18 provides: "This act shall take effect immediately and shall be retroactive to Oct. 1, 2001."