New Jersey § 43:13-22
Full text of New Jersey New Jersey Statutes § 43:13-22, with citation guidance and answers to common questions.
§ 43:13-22.
Any member who has at least three years of service credit for which contributions
have been made as a member may borrow from the retirement system an amount equal to
not more than 50% of the amount of the member's aggregate contributions, but not less
than $1,000.00 . Any loan from the retirement system must satisfy the requirements of the federal
Internal Revenue Code of 1986, as amended, regulations of the United States Treasury
Department, and other directives or guidance of the federal Internal Revenue Service. At the time a loan is made, a loan amount shall not result in the projected required
loan payments, including interest contained in the payment, for the following calendar
year exceeding 25% of the member's annual salary at the time the loan is made. If a member's salary is uncertain at that time, the commission shall use a reasonable
estimate of the member's expected salary to impose this 25% limitation . The amount so borrowed, together with interest at a rate fixed by the commission
on any unpaid balance, shall be repaid to the retirement system in equal installments
by deduction from salary or in another manner and in amounts which the commission
shall approve; but the installments shall be at least equal to the member's contribution
to the retirement system and at least sufficient to repay the amount borrowed with
interest at the conclusion of a term fixed by the commission . No more than two loans may be made to any member in any 12-month period. The retirement system shall make no loan to a member after the member has terminated
employment with the city. Interest charged for loans to members shall be fixed annually by the commission to
take effect January 1 of each calendar year at a rate equal to the average of the
daily rates of interest at constant maturity based on daily trades paid by 30-year
United States Treasury bonds for the period beginning on the first and ending on the
30th day of the immediately preceding November plus 1%, or 10%, whichever is less. The interest earned from loans to members shall be treated in the same manner as
interest from investments of the retirement system.
Frequently Asked Questions About New Jersey § 43:13-22
What does New Jersey Statutes § 43:13-22 cover?
Section 43:13-22 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 43:13-22?
A common citation format is "New Jersey Statutes § 43:13-22" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 43:13-22 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.