N.J. Stat. § 18A:66-71.2

Current through L. 2024, c. 87.

Section 18A:66-71.2 - Increase in retirement allowance under subsection a of N.J.S.18A:66-71 and N.J.S.18A:66-47

The retirement allowance of each retiree under subsection a. of N.J.S. 18A:66-71, or the retiree's beneficiary pursuant to N.J.S. 18A:66-47, on the effective date of P.L. 2001, c. 353, shall be increased from 50% to 54.5% of the compensation for which contributions were made during the 12-month period of membership providing the largest possible benefit to the member or the member's beneficiary. The provisions of section 7 of P.L. 1969, c.169 (C.43:3B-8) shall not be applicable to the increases in retirement allowances provided by this section.

N.J.S. § 18A:66-71.2

L. 2001, c. 353, s. 7, eff. 1/6/2001.

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