New Jersey Statutes 18A:66-71.2. Increase in retirement allowance under subsection a of N.J.S.18A:66-71 and N.J.S.18A:66-47
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 18A:66-71.2
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
7. The retirement allowance of each retiree under subsection a. of N.J.S.18A:66-71, or the retiree’s beneficiary pursuant to N.J.S.18A:66-47, on the effective date of P.L.2001, c.353, shall be increased from 50% to 54.5% of the compensation for which contributions were made during the 12-month period of membership providing the largest possible benefit to the member or the member’s beneficiary. The provisions of section 7 of P.L.1969, c.169 (C. 43:3B-8) shall not be applicable to the increases in retirement allowances provided by this section.
L.2001,c.353,s.7.