N.J. Stat. § 43:15A-159

Current through L. 2024, c. 87.

Section 43:15A-159 - "Special retirement" after 25 years of creditable service. formula

Should a member of the Prosecutors Part resign after having established 25 years of creditable service, the prosecutor may elect "special retirement," provided, that such election is communicated by the prosecutor to the retirement system by filing a written application, duly attested, stating at what time subsequent to the execution and filing thereof the prosecutor desires to be retired. The prosecutor shall receive, in lieu of the payment provided in section 4 of P.L. 2001, c. 366(C.43:15A-158), a retirement allowance which shall consist of:

(1) An annuity which shall be the actuarial equivalent of the prosecutor's aggregate contributions and

(2) A pension in the amount which, when added to the prosecutor's annuity, will provide a total retirement allowance of 65% of final compensation, plus 1% of final compensation multiplied by the number of years of creditable service over 25 but not over 30.

The board of trustees shall retire the prosecutor at the time specified or at such other time within one month after the date so specified as the board finds advisable.

Upon the receipt of proper proofs of the death of such a retirant, there shall be paid to the retirant's beneficiary an amount equal to one-half of the final compensation received by the prosecutor.

N.J.S. § 43:15A-159

L. 2001, c. 366, s. 5, eff. 1/7/2002.