New Jersey § 43:15a-137
Full text of New Jersey New Jersey Statutes § 43:15a-137, with citation guidance and answers to common questions.
§ 43:15a-137.
Notwithstanding any other law regarding the purchase of service credit in the retirement
system, a member of the Legislature may purchase credit for all previous legislative
service by paying into the annuity savings fund 5% , and 5.5% after July 1, 2007, of the salaries he received in such prior periods, in which event he shall agree
to make such purchase within 1 year after the effective date of this supplementary
act or during the first year of membership as a member of the Legislature; if the
request for the purchase is received beyond the 1-year period, interest shall be added
to the amount of the arrearage obligation at the regular interest rate. The purchase of such credit may be by lump sum or in regular installments over a
maximum period of 10 years. In the case of any member of the Legislature coming under the provisions of this section,
full pension credit for the period of service for which arrears are being paid by
the member shall be given upon the payment of at least 1/2 of the total arrearage
obligation and the completion of 1 year of membership and the making of such arrears
payments, except that in the case of retirement pursuant to P.L.1954, c. 84, sections
38, 41(b), 48 and 61 and to the provisions of this supplementary act, the total membership
credit for such service shall be in direct proportion as the amount paid bears to
the total amount of the arrearage obligation of the member. The contributions of all members of the Legislature related to their legislative service
shall be adjusted for all years prior to the effective date of this supplementary
act to determine either an overpayment or shortage in the separate account, requiring
the payment of contributions at the percentage of salary provided for in this section. Overpayments shall be refunded and shortages shall be established as arrearage obligations
to be satisfied in the same manner as any other arrearage obligation established pursuant
to this section. No member shall receive credit for any legislative service for which he has not contributed
as required by this section.
Frequently Asked Questions About New Jersey § 43:15a-137
What does New Jersey Statutes § 43:15a-137 cover?
Section 43:15a-137 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 § 43:15a-137?
A common citation format is "New Jersey Statutes § 43:15a-137" (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 § 43:15a-137 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.