New Jersey § 43:15a-158

§ 43:15a-158.

a. Any member of the Prosecutors Part who has attained age 55 years may retire on

a service retirement allowance by filing with the retirement system a written application,

duly attested, stating at what time subsequent to the execution and filing thereof

the member desires to be retired. The board of trustees shall retire the member at the time specified or at such other

time within one month after the date so specified as the board finds advisable. Any prosecutor in service who attains age 70 years shall be retired by the board

of trustees on a service retirement allowance forthwith on the first day of the next

calendar month or at such time within one month thereafter as it finds advisable,

except that a prosecutor attaining age 70 years may be continued in service on an

annual basis upon written notice to the retirement system by the Attorney General

or the Board of Chosen Freeholders of the county employing the prosecutor. b. Upon retirement for service a prosecutor shall receive a service 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 one-sixtieth of average final compensation multiplied

by the number of years of creditable service, or 2% of average final compensation

multiplied by the number of years of creditable service up to 30 plus 1% of average

final compensation multiplied by the number of years of creditable service over 30,

or 50% of final compensation if the prosecutor has established 20 or more years of

creditable service, whichever is greater. c. Any prosecutor as of the effective date of P.L.2001, c. 366 ( C.43:15A-155 et seq. ) who has 20 or more years of creditable service at the time of retirement shall be

entitled to receive a retirement allowance equal to 50% of final compensation plus,

in the case of a prosecutor required to retire pursuant to the provisions of subsection

a. of this section, 3% of final compensation multiplied by the number of years of

creditable service over 20 but not over 25. d. Upon the receipt of proper proofs of the death of a prosecutor who has retired

on a service retirement allowance, there shall be paid to the prosecutor's beneficiary

an amount equal to one-half of the compensation upon which contributions by the prosecutor

to the annuity savings fund were based in the last year of creditable service.