N.J. Stat. § 43:13-22.49f

Current through L. 2024, c. 80.

Section 43:13-22.49f - Termination of service as elected official after 10 years before age 60 and all other public service; benefits

A member who shall have served as an elected official of the city for at least 10 years and having made contributions therefor to the retirement system, and who ceases to be an elected official of the city for any reason other than death before reaching age 60, may, upon termination of such service as such an elected official and all other public service covered by the retirement system, elect to receive, in lieu of the payment provided in section 29 of P.L. 1954, c. 218 (C. 43:13-22.31):

a. The payments provided for in section 6 of P.L. 1972, c. 122 (C. 43:13-22.19a) if he so qualifies under the section; or

b. The payments provided for in section 17 of P.L. 1954, c. 218 (C. 43:13-22.19) if he so qualifies under the section; or

c. A deferred pension, beginning on the first day of the month following his attainment of age 60 and the filing of an application therefor, which shall be equal to 3% of final compensation as an elected official for each year of creditable service as such an elected official.

The benefit payable pursuant to this section shall be subject to the maximum pension provisions of section 5 of this supplementary act.

N.J.S. § 43:13-22.49f

L.1981, c.565, s.6, eff. 1/12/1982.