New Jersey § 43:16a-11

§ 43:16a-11.

Any member of the Police and Firemen's Retirement System of New Jersey who has at

least 20 years of creditable service in the retirement system and who leaves a position

covered by the retirement system, with the approval of the employer, to take a full-time

position with a. a federal agency, b. an agency of another state or local government

thereof, c. a national, regional, statewide, areawide or metropolitan organization

representing member state or local governments, d. an association of state or local

public officials, or e. a nonprofit organization which has as one of its principal

functions the offering of professional advisory, research, educational or development

services, or related services, to governments or universities concerned with public

management, may, upon filing an application with the board of trustees of the retirement

system, purchase credit in the retirement system for all or a portion of the time

of service with the public agency or private organization, but not exceeding three

years, as provided in this act. The member may purchase credit for the service by paying into the annuity savings

fund the amount determined by applying the factor, supplied by the actuary, applicable

to his age at the time of the purchase, to his creditable salary in the last 12 months

of creditable service in the position covered by the retirement system immediately

preceding the service with the public agency or private organization. The purchase may be made in regular monthly installments or in a lump sum as the

member may elect and pursuant to rules and regulations as may be promulgated by the board of trustees . The member shall bear the entire cost for the additional retirement benefit attributable

to the purchased credit. If, upon retirement, the member's payment for purchase of the credit is insufficient

to provide for the additional retirement benefit attributable to the service, the

difference may be assessed to the member, or a pro rata credit may be granted based

on service purchased prior to the date of retirement, at the election of the member. If the member retires prior to completing the purchase, he will receive pro rata credit

for service purchased prior to the date of retirement, unless he makes an additional

lump sum payment at that time as will be necessary to provide full credit. The purchase may be made within four years of the date of the member's last contribution

to the retirement system in the covered position immediately preceding the service

with the public agency or private organization.