New Jersey § 43:3b-7

§ 43:3b-7.

a. On or before October 1, 1977 and by the same date in each subsequent year, the

Director of the Division of Pensions shall review the index and determine the percentum

of change in the index from the benefit year index. In determining the percentum of change the director shall use the index for the

year ending the August 31 prior to the date of review, dividing such index by the

benefit year index and then subtracting 100% from the resulting quotient expressed

to the nearest 1 / 100 of 1%. The percentage of adjustment shall be 3 / 5 of the percentum of change. Any adjustment so calculated shall apply to all of the months of the following calendar

year for eligible retirants and beneficiaries, except for those qualifying for the

first time, it shall apply only to those months of the following calendar year in

which the retirant or beneficiary is eligible to receive the adjustment. The director shall include (a) in his corpus appropriation request for the administration

of the act on behalf of those retirants and beneficiaries for whom the State assumes

the costs attributable to this act, and, (b) in his certification of amounts due from

each employer in accordance with section 4 of the Pension Adjustment Act, 1 amounts sufficient to adjust the retirement allowances, survivorship benefits or

pensions payable to all eligible retirants and beneficiaries by 3 / 5 of the percentum of change in the index as such retirement allowances, survivorship

benefits or pensions may have been originally granted, or increased for certain retirants

or beneficiaries in accordance with section 3 of the Pension Adjustment Act. 2 In no instance shall the amount of the retirement allowance or pension originally

granted and payable to any retirant be reduced as a result of the adjustment made

pursuant to the provisions of P.L.1969, c. 169. b. For purposes of this act a “ retirant ” shall mean any retirant who has or shall have received a retirement allowance or

pension for no less than 24 months and a “beneficiary” shall mean any beneficiary

who has or shall have received for no less than 24 months a pension, or survivorship

benefit, or whose increased pension pursuant to the provisions of the statutes stipulated

in subsection d(4) of section 1 of the act to which this act is an amendment ( C. 43:3B-1 ). In the case of beneficiaries, all or any part of the 24 month period shall include

the period in which the retirant was entitled to receive his retirement allowance

or pension. 1

N.J.S.A. § 43:3B-4. 2

N.J.S.A. § 43:3B-3.