New Jersey § 43:15a-73

§ 43:15a-73.

A member may file a detailed statement of public employment in other states or with

the United States Government which would be eligible for credit in a State-administered

retirement system if the employment was with a public employer in this State, or of

military service in the Armed Forces of the United States, or of service resulting

from initial appointment or employment on or after January 1, 2002 with a bi-state

or multi-state agency established pursuant to an interstate compact to which the State

is a party which would be eligible for credit in a State-administered retirement system

if the employment was with a public employer in this State, rendered prior to becoming

a member, for which the member desires credit, and of such other facts as the retirement

system may require. The member may purchase credit for all or a portion of the service evidenced in

the statement up to the nearest number of years and months, but not exceeding 10 years,

provided however, that a member purchasing that maximum credit may purchase up to

five additional years for additional military service qualifying the member as a veteran

as defined in section 6 of P.L.1954, c. 84 ( C.43:15A-6 ). No application shall be accepted for the purchase of credit for the service if,

at the time of application, the member has a vested right to retirement benefits in

another retirement system based in whole or in part upon that service. The member may purchase credit for the service by paying into the annuity savings

fund the amount required by applying the factor, supplied by the actuary as being

applicable to the member's age at the time of the purchase, to the member's salary

at that time, or to the highest annual compensation for service in this State for

which contributions were made during any prior fiscal year of membership, whichever

is greater. The purchase may be made in regular installments, equal to at least 1/2 of the full

normal contribution to the retirement system, over a maximum period of 10 years. The employer of a member who applies, pursuant to this section, to purchase credit

for public employment with the United States Government or for military service in

the Armed Forces of the United States shall not be liable for any payment to the retirement

system on behalf of the member for the purchase of this credit. Notwithstanding any provision of this act to the contrary, a member shall not be liable

for any costs associated with the financing of pension adjustment benefits and health

care benefits for retirees when purchasing credit for public employment in other states

or with the United States Government or military service in the Armed Forces of the

United States or with a bi-state or multi-state agency. Any member electing to make a purchase pursuant to this section who retires prior

to completing payments as agreed with the retirement system will receive pro rata

credit for the purchase prior to the date of retirement, but if the member so elects

at the time of retirement, the member may make the additional lump sum payment required

at that time to provide full credit. Notwithstanding any other provision of law to the contrary, service credit established

in the retirement system by a member through purchase in accordance with this section,

which purchase was made by an application submitted on or after the effective date

of P.L.2008, c. 89, except a purchase for military service in the Armed Forces of the United States,

shall not be eligible for consideration when service is used to determine the qualification

of the member for any health care benefits coverage paid, in whole or in part, by

a public employer after the member's retirement. 1

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