New Jersey § 43:16a-5

§ 43:16a-5.

(1) Any member in service who has attained age 55 years may retire on a service retirement

allowance upon filing a written and duly executed application to the retirement system,

setting forth at what time, not less than one month subsequent to the filing thereof,

he desires to be retired. Any member in service who attains age 65 years shall be retired on a service retirement

allowance forthwith on the first day of the next calendar month, except that a member

hired prior to January 1, 1987 may remain a member of the system until the member

attains age 68 years or 25 years of creditable service, whichever comes first. (2) Upon retirement for service a member shall receive a service retirement allowance

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

and (b) A pension in the amount which, when added to the member's annuity, will provide

a total retirement allowance of one-sixtieth of his average final compensation multiplied

by the number of years of his creditable service, or 2% of his average final compensation

multiplied by the number of years of his creditable service up to 30 plus 1% of his

average final compensation multiplied by the number of years of creditable service

over 30, or 50% of his final compensation if the member has established 20 or more

years of creditable service, whichever is greater. (3)(a) Any member of the retirement system as of the effective date of P.L.1999, c. 428 1 who has 20 or more years of creditable service at the time of retirement shall be

entitled to receive a retirement allowance equal to 50% of the member's final compensation

plus, in the case of a member required to retire pursuant to the provisions of subsection

(1) of this section, 3% of final compensation multiplied by the number of years of

creditable service over 20 but not over 25. (b) Any member of the retirement system who was enrolled prior to the effective date

of P.L.2021, c. 52 2 and who is a member on that effective date may retire on or after the effective date of P.L.2021, c. 52 but no later than the first day of the 61st month following that effective date on a service retirement allowance, regardless of age, upon attaining 20 or more years

of creditable service and shall be entitled to receive a service retirement allowance

equal to 50% of the member's final compensation. (4) Upon the receipt of proper proofs of the death of a member who has retired on

a service retirement allowance, there shall be paid to his beneficiary 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. 1

L.1999, c. 428, eff. Jan. 18, 2000. 2

L.2021, c. 52, eff. April 19, 2021.