New Jersey § 43:15a-73
Full text of New Jersey New Jersey Statutes § 43:15a-73, with citation guidance and answers to common questions.
§ 43:15a-73.
a. The employees of a State autonomous authority approved for participation in the
retirement system pursuant to subsection b. of section 2 of this amendatory and supplementary
act may purchase credit for all service with the authority prior to the date of the
authority's participation in the retirement system if that service would otherwise
be eligible for credit in the retirement system. This purchase shall be made in the same manner and shall be subject to the same
terms and conditions provided for the purchase of previous membership service by section
8 of P.L.1954, c. 84 ( C.43:15A-8 ). The authority shall pay the unfunded liability as determined by the actuary for
prior service purchased by its employees in accordance with a schedule approved by
the actuary. The obligation of the authority shall be known as the accrued liability for prior
service credit. The actuary shall determine and adjust the accrued liability for prior service credit
and determine the annual contribution of the authority for this liability in a manner
similar to that provided for the State accrued liability contribution. The accrued liability for prior service credit shall be paid by the authority over
a period not to exceed 25 years following the initial valuation of this liability
by the actuary. b. For any employee of a State autonomous authority who is in service with the authority
on the date its participation in the retirement system becomes effective, the age
of enrollment for the purposes of the member contribution rate under section 25 of
P.L.1954, c. 84 ( C.43:15A-25 ) shall be the age of the employee on the date the continuous service with the authority
began.
Frequently Asked Questions About New Jersey § 43:15a-73
What does New Jersey Statutes § 43:15a-73 cover?
Section 43:15a-73 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-73?
A common citation format is "New Jersey Statutes § 43:15a-73" (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-73 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.