New Jersey Statutes 43:3C-12. Investigation of certain increases in annual compensation for members of retirement systems
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Terms Used In New Jersey Statutes 43:3C-12
- 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.
- 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
- Statute: A law passed by a legislature.
21. a. With respect to all claims for benefits under the Teachers’ Pension and Annuity Fund, the Public Employees’ Retirement System, the Judicial Retirement System, the Police and Firemen’s Retirement System, or the State Police Retirement System submitted on or after the effective date of P.L.2007, c.92 (C. 43:15C-1 et al.), the Division of Pensions and Benefits shall investigate increases in compensation reported for credit that exceed reasonably anticipated annual compensation increases for members of the retirement system based upon consideration of the Consumer Price Index for the time period of the increases, the table of assumed salary increases recommended by the system’s actuary and adopted by the board of trustees of the retirement system, and the annual percentage increases of salaries as indicated in data from the Public Employment Relations Commission established pursuant to P.L.1941, c.100 (C. 34:13A-1 et seq.) or through other reliable industry sources of information regarding average annual salary increases.
b. Those cases in which a violation of the relevant statute or regulation is suspected shall be referred to the board of trustees of the relevant retirement system for further action.
L.2007, c.92, s.21.