New Jersey Statutes 43:15A-14. Transfer or purchase of credit for service in other systems
Terms Used In New Jersey Statutes 43:15A-14
- 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.
b. A member who is a member of the Teachers’ Pension and Annuity Fund, established pursuant to N.J.S. 18A:66-1 et seq., at the time of enrollment in the Public Employees’ Retirement System and who within three years of the date of that enrollment ceases to be an active contributing member of the Teachers’ Pension and Annuity Fund may transfer all service credit in the Teachers’ Pension and Annuity Fund to the Public Employees’ Retirement System upon application and transfer of the member’s contributions from the Teachers’ Pension and Annuity Fund to the Public Employees’ Retirement System. If the member has withdrawn the contributions to the Teachers’ Pension and Annuity Fund, the member may purchase credit for the service.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 section 8 of P.L.1954, c.84 (C. 43:15A-8).
L.1954,c.84,s.14; amended 1971, c.213, s.4; 1981, c.479, s.2; 1991, c.138, s.9; 2001, c.6, s.2; 2001, c.341, s.2.