New Jersey § 43:15a-73

§ 43:15a-73.

A member who had established service credit in a municipal or county retirement system

or pension fund in this State and who is ineligible to transfer the service credit

to the retirement system may file a detailed statement of public employment with the

municipality or county 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 of the service evidenced in the statement

up to the nearest number of years and months. No application shall be accepted for the purchase of credit for the service if,

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

in the municipal or county retirement system or pension fund 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 lump sum or 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. A member who applies to purchase credit for the service shall pay the full cost

attributable to the increased benefits to be derived from the purchased credit in

accordance with the actuarial method used to determine the cost at the time of the

purchase. 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. Any member electing to purchase the service who retires prior to completing payments

as agreed with the retirement system will receive pro rata credit for service purchased

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.