New Jersey § 43:16a-11

§ 43:16a-11.

Should a member, after having established 10 years of creditable service, be separated

voluntarily or involuntarily from the service, before reaching age 55, and not by

removal for cause on charges of misconduct or delinquency, such person may elect to

receive the payments provided for in section 11 of P.L.1944, c. 255 1 or section 16 of P.L.1964, c. 241, 2 or a deferred retirement allowance, beginning on the first day of the month following

his attainment of age 55 and the filing of an application therefor, which shall consist

of: (1) An annuity which shall be the actuarial equivalent of his aggregate contributions

at the time of his severance from the service and (2) A pension in the amount which, when added to the member's annuity, will provide

a total retirement allowance of 2% of the member's final compensation multiplied by the number of years of creditable service up to 30 plus 1% of final compensation multiplied by the number of years of creditable service over 30,

provided that such inactive member may elect to receive payments provided under section

11 of P.L.1944, c. 255 or section 16 of P.L.1964, c. 241 if the member had qualified under that section at the time of leaving service, except that in order

to avail himself or herself of the option, the member must exercise such option at least 30 days before the effective date of retirement. If such inactive member shall die before attaining age 55, the member's aggregate contributions shall be paid in accordance with section 11 of P.L.1944,

c. 255 and, in addition if such inactive member shall die after attaining age 55 but

before filing an application for retirement benefits pursuant to this section or section

16 of P.L.1964, c. 241 and has not withdrawn his or her aggregate contributions, or in the event of death after retirement, an amount equal

to one-half of the compensation upon which contributions by the member to the annuity

savings fund were based in the last year of creditable service shall be paid to such

member's beneficiary. Any member who, having elected to receive a deferred retirement allowance, again becomes

an employee covered by the retirement system while under the age of 55, shall thereupon

be reenrolled. If he had discontinued his service for more than two consecutive years, subsequent

contributions shall be at his former rate increased for the years of his inactive

membership. He shall be credited with all service as a member standing to his credit at the

time of his election to receive a deferred retirement allowance. 1

N.J.S.A. § 43:16A-11. 2

N.J.S.A. § 43:16A-11.1.