New Jersey Statutes 18A:66-15.1. Transfer or purchase of credit for service in other systems
Terms Used In New Jersey Statutes 18A:66-15.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. A member of the retirement system who had established service credit in a municipal or county retirement system or pension fund, and who was ineligible to transfer the service credit to the retirement system and withdrew contributions from the municipal or county retirement system or pension fund, may purchase credit for all of the member’s service in that retirement system or pension fund 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 terms of the purchase and the credit granted shall be identical, except as otherwise herein provided, to those stipulated for the purchase of previous membership service by members of the retirement system as provided by N.J.S. 18A:66-9
c. A member who is a member of the Public Employees’ Retirement System, established pursuant to P.L.1954, c.84 (C. 43:15A-1 et seq.), at the time of enrollment in the Teachers’ Pension and Annuity Fund and who within three years of the date of that enrollment ceases to be an active contributing member of the Public Employees’ Retirement System may transfer all service credit in the Public Employees’ Retirement System to the Teachers’ Pension and Annuity Fund upon application and transfer of the member’s contributions from the Public Employees’ Retirement System to the Teachers’ Pension and Annuity Fund. If the member has withdrawn the contributions to the Public Employees’ Retirement System, the member may purchase credit for the service. The purchase shall be made in the same manner and be subject to the same terms and conditions provided for the purchase of previous membership service by N.J.S. 18A:66-9
L.1967, c.271; amended 1971, c.121, s.6; 1981, c.479, s.1; 1989, c.101; 1991, c.138, s.5; 2001, c.6, s.1; 2001, c.341, s.1.