New Jersey § 43:16a-11

§ 43:16a-11.

a. Should a member resign after having established 25 years of creditable service,

he may elect “special retirement,” provided, that such election is communicated by

such member to the retirement system by filing a written application, duly attested,

stating at what time subsequent to the execution and filing thereof he desires to

be retired. He shall receive, in lieu of the payment provided in section 11, 1 a retirement allowance which shall consist of: (1) An annuity which shall be the actuarial equivalent of his aggregate contributions,

and (2) A pension in the amount which, when added to the member's annuity, will provide (a) for a person who is a member on the effective date of P.L.2011, c. 78, a total retirement allowance of 65% of final compensation, plus 1% of final compensation multiplied by the number of years of creditable service over 25

but not over 30 or (b) for a person who becomes a member of the retirement system after that effective

date, a total retirement allowance of 60% of final compensation, plus 1% of final

compensation multiplied by the number of years of creditable service over 25 but not

over 30 ; provided, however, that any member who has earned, prior to July 1, 1979, more

than 30 years of creditable service, shall receive an additional 1% of his final compensation

for each year of his creditable service over 30. The board of trustees shall retire him at the time specified or at such other time

within one month after the date so specified as the board finds advisable. Upon the receipt of proper proofs of the death of such a retired member, there shall

be paid to his beneficiary an amount equal to one-half of the final compensation received

by the member. b. The “special retirement” allowance payable under subsection a. of this section

to any person who retired under the retirement system prior to December 20, 1989 shall

be increased by an amount equal to 5% of the person's final compensation or by such

lesser amount as would, if added to the allowance payable at the time of retirement,

provide a total retirement allowance of 70% of final compensation, except that in

the case of such a retirant who retired on or after July 1, 1979 and had earned prior

to that date more than 30 years of creditable service, the amount of the increase

shall be equal to 5% of the person's final compensation irrespective of the total

retirement allowance which such an increase would provide. The provisions of this subsection shall not be construed either to require a reduction

in the retirement allowance payable to any retirant or to provide for the payment

of any adjustment in such an allowance with respect to any period of time prior to

the first day of the month following that effective date. 1

N.J.S.A. § 43:16A-11.