New Jersey § 18a:66-36

§ 18a:66-36.

Should a member of the Teachers' Pension and Annuity Fund, after having completed

10 years of service, be separated voluntarily or involuntarily from the service, before

reaching service retirement age, and not by removal for conduct unbecoming a teacher

or other just cause under the provisions of N.J.S.18A:28-4 to 18A:28-5 and 18A:28-9 to 18A:28-13 inclusive, such person may elect to receive, in lieu of the payment provided in N.J.S.18A:66-34 : a. The payments provided for in N.J.S.18A:66-37 , if he so qualified under said section; or b. A deferred retirement allowance beginning at age 60, or for a person who becomes

a member of the retirement system on or after the effective date of P.L.2008, c. 89 1 beginning at age 62, which shall be made up of an annuity derived from the member's

accumulated deductions at the time of his severance from the service, and 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 for each year of service credited as Class

A service and 1/55 of final compensation for each year of service credited as class

B service , or for a person who becomes a member of the retirement system on or after the effective

date of P.L.2010, c. 1 1/60 of final compensation for each year of service credited as class B service , calculated in accordance with N.J.S.18A:66-44 , with optional privileges provided for in N.J.S.18A:66-47 if he exercises such optional privilege at least 30 days before his attainment of

the normal retirement age; provided, that such election is communicated by such member

to the retirement system in writing stating at what time subsequent to the execution

and filing thereof he desires to be retired; and provided, further, that such member

may later elect: (1) to receive the payments provided for in N.J.S.18A:66-37 , if he had qualified under that section at the time of leaving service, except that

in order to avail himself of the optional privileges pursuant to N.J.S.18A:66-47 , he must exercise such optional privilege at least 30 days before the effective date

of his retirement; or (2) to withdraw his accumulated deductions with interest as

provided in N.J.S.18A:66-34 . If such member shall die before attaining service retirement age, then his accumulated

deductions, plus regular interest after January 1, 1956, shall be paid in accordance

with N.J.S.18A:66-38 , and, in addition if such member shall die after attaining service retirement age

and has not withdrawn his accumulated deductions, an amount equal to 3/16 of the compensation

upon which contributions by the member to the annuity savings fund were based in the

last year of creditable service shall be paid to such member's beneficiary. Any member who, having elected to receive a deferred retirement allowance, again becomes

an employee covered by the retirement system while under the age of 60 or, if that

person became a member of the retirement system on or after the effective date of P.L.2008, c. 89 , while under the age of 62, shall thereupon be reenrolled. If he had discontinued his service for more than two consecutive years, subsequent

contributions shall be at a rate applicable to the age resulting from the subtraction

of his years of creditable service at the time of his last discontinuance of contributing

membership from his age at the time of his return to service. He shall be credited with all service as a member standing to his credit at the

time of his election to receive a deferred retirement allowance. 1

L.2008, c. 89, eff. Nov. 1, 2008.