New Jersey § 43:16a-11

§ 43:16a-11.

A member of the Police and Firemen's Retirement System 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, 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 1 of P.L.1983, c. 391 ( C.43:16A-11.7 ). 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. 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.