reglab/housing_qa huggingface dataset:
NJ Rev Stat § 43:16A-15.1 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-15.1 - Compulsory enrollment in retirement system; purchase of membership credit; contributions

43:16A-15.1. Compulsory enrollment in retirement system; purchase of membership credit; contributions  a. In the case of any person who (1) was required to become a member of the retirement system as a condition of employment, and whose application for enrollment in the retirement system or whose application for transfer from one employer to another within the system was filed beyond the effective date for his compulsory enrollment in the system or his transfer within the system or (2) is eligible for membership on the basis of special legislation, such person shall be required to purchase membership credit for his compulsory coverage by paying into the annuity savings fund the amount required by applying, in accordance with section 15 of chapter 255 of the laws of 1944, his full rate of contribution on his current base salary subject to the retirement system for each year of previous service during which he was required to have been a member. b. If more than 1 year has elapsed from the time that contributions would have been required from such person, 1/2 of the employee's cost, established by the computation provided by subsection a. of this section, will be required of his employer and shall be included in the next budget subsequent to the certification of this special liability by the retirement system. The amount certified by the system shall be payable by the employer to the pension accumulation fund and shall be due and owing to the system even if the employee is no longer in the employ of the employer by the date such moneys are to be paid to the system. c. The employee's obligation may be satisfied by regular installments, equal to at least 1/2 the normal contribution to the retirement system, over a maximum period of 10 years. d. In the case of any person coming under the provisions of this section, full pension credit for the period of employment for which arrears are being paid by the employee shall be given upon the payment of at least 1/2 of the total employee's arrearage obligation and the completion of 1 year of membership and the making of such arrears payments, except that in the case of retirement pursuant to section 5 of chapter 255 of the laws of 1944 and sections 16 and 17 of chapter 241 of the laws of 1964, the total membership credit for such service shall be in direct proportion as the amount paid bears to the total amount of the arrearage obligation of the employee. L.1967, c. 250, s. 29, eff. Dec. 18, 1967. Amended by L.1971, c. 175, s. 17, eff. June 1, 1971.
NJ Rev Stat § 43:16A-15.2 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-15.2 - Periodic benefits payable under Workers' Compensation Law; salary deductions paid by employer; retirement benefits application

43:16A-15.2. Periodic benefits payable under Workers' Compensation Law; salary deductions paid by employer; retirement benefits application  30. a. If any member of the retirement system receives periodic benefits payable under the Workers' Compensation Law during the course of his active service, in lieu of his normal compensation, his regular salary deductions shall be paid to the retirement system by his employer. Such payments shall be computed, in accordance with section 15 of P.L.1944, c.255 (C.43:16A-15), at the rate of contribution on the base salary subject to the retirement system, just prior to the receipt of the workers' compensation benefits. The moneys paid by the employer shall be credited to the member's account in the annuity savings fund and shall be treated as employee contributions for all purposes. The employer will terminate the payment of these moneys when the periodic benefits payable under the Workers' Compensation Law are terminated or when the member retires. The member for whom the employer is making such payments, will be considered as if he were in the active service. b. An application for retirement benefits may be approved by the board of trustees while the member, applying for such benefits, is in receipt of periodic benefits under the Workers' Compensation Law. If a retirant receiving an accidental disability retirement allowance becomes a recipient of periodic benefits under the workers' compensation law after the date of retirement, the pension portion of the retirement allowance payable to the retirant shall be reduced, during the period of the payment of the periodic benefits, dollar-for-dollar in the amount of the periodic benefits received after the date of retirement, subject to the provisions of section 19 of P.L.1971, c.175 (C.43:16A-12.4). The reduction provided for herein shall not affect the retirant's pension adjustment benefits or survivor benefits that may be payable upon the death of the retirant. If an accidental disability retirant receives a retirement allowance without reduction and periodic benefits under the workers' compensation law for any period of time after the date of retirement, the retirant shall repay to the retirement system the amount of the pension portion of the retirement allowance which should have been subject to reduction under this subsection. The repayment may be in the form of a lump sum payment or scheduled as deductions from the retirant's retirement allowance and pension adjustment benefits. If the retirant dies before full repayment of the amount required, the remaining balance shall be deducted from any death benefits payable on behalf of the retirant.L.1967,c.250,s.30; amended 1971,c.175,s.18; 1995,c.369,s.3.
NJ Rev Stat § 43:16A-15.3 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-15.3 - Reemployment of retiree; cancellation of benefits; reenrollment.

43:16A-15.3 Reemployment of retiree; cancellation of benefits; reenrollment.  20. a. Except as provided in subsection b. of this section, if a former member of the retirement system who has been granted a retirement allowance for any cause other than disability, becomes employed again in a position which makes him eligible to be a member of the retirement system, his retirement allowance and the right to any death benefit as a result of his former membership, shall be canceled until he again retires. Such person shall be reenrolled in the retirement system and shall contribute thereto at a rate based on his age at the time of reenrollment. Such person shall be treated as an active member for determining disability or death benefits while in service. Upon subsequent retirement of such member, his former retirement allowance shall be reinstated based on his former membership. In addition, he shall receive an additional retirement allowance based on his subsequent service as a member computed in accordance with applicable provisions of this chapter; provided, however, that his total retirement allowance upon such subsequent retirement shall not be a greater proportion of his average final compensation or final compensation, whichever is applicable, than the proportion to which he would have been entitled had he remained in service during the period of his prior retirement. Any death benefit to which such member shall be eligible shall be based on his latest retirement, but shall not be less than the death benefit that was applicable to his former retirement. b. The cancellation, reenrollment, and additional retirement allowance provisions of subsection a. of this section shall not apply to a former member of the retirement system who was granted a retirement allowance pursuant to section 1 of P.L.1999, c.96 (C.43:16A-5.1) prior to the effective date of P.L.2011, c.78. L.1971, c.175, s.20; amended 1999, c.428, s.8; 2011, c.78, s.35.
NJ Rev Stat § 43:16A-15.4 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-15.4 - Accrued liability contribution of employer; payment

43:16A-15.4. Accrued liability contribution of employer; payment  The accrued liability contribution of any employer adopting the retirement system after July 1, 1988 for the purpose of providing prior service credit, shall be payable by the employer to the pension accumulation fund over the period selected by the employer, provided that the period may not exceed 40 years following the initial valuation of such liability by the actuary of the retirement system.  L.1971,c.175,s.21; amended 1989,c.204,s.6.
NJ Rev Stat § 43:16A-15.6 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-15.6 - Pension adjustment benefits; funding

43:16A-15.6. Pension adjustment benefits; funding  7. Pension adjustment benefits for members and beneficiaries of the Police and Firemen's Retirement System of New Jersey as provided by P.L.1958, c.143 (C.43:3B-1 et seq.) shall be paid by the retirement system from the contingent reserve fund and shall be funded as employer obligations in a similar manner to that provided for the funding of employer obligations for the retirement benefits provided by the retirement system. The funding shall be phased in as determined by the board of trustees after consultation with the Director of the Division of Pensions and the actuary, except that: a. the phase-in period shall begin with valuation year 1989 and shall be 30 years, and b. any reduction in contributions from recognition of the full market value of the assets as of June 30, 1989 over the adjusted book value of the assets written up by 60% of the excess of market value over adjusted book value as of June 30, 1989 in a fashion similar to that presented in the draft revision of the annual actuarial reports for the valuation periods ending June 30, 1989 and June 30, 1990 submitted by the actuary on April 27, 1992 shall be used to accelerate the funding of the liabilities for pension adjustment benefits.  L.1989,c.204,s.7; amended 1992,c.41,s.26.
NJ Rev Stat § 43:16A-15.7 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-15.7 - Liability for increased pension and adjustments

43:16A-15.7. Liability for increased pension and adjustments  3. The actuary for the Police and Firemen's Retirement System shall determine for the valuation period of the retirement system in which this act takes effect the liability of the retirement system for the increased pension and pension adjustment benefits provided under this act for all participants of the retirement system as of the last day of the valuation period. This liability shall be added to the unfunded accrued liability of the retirement system and shall be paid by the State in the same manner and over the remaining time period provided for the State's unfunded accrued liability under section 15 of P.L.1944, c.255 (C.43:16A-15). The actuary shall determine annually thereafter the liability of the retirement system for the increased pension and pension adjustment benefits provided under this act for new participants which shall be included in the normal contribution paid by the State. The State shall pay the cost of the actuarial work to determine the additional liabilities of the retirement system for the benefits under this act.  L.1991,c.511,s.3.
NJ Rev Stat § 43:16A-16.1 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.1 - Loans to members, interest rates, repayment.

43:16A-16.1 Loans to members, interest rates, repayment.  18. Any member who has at least 3 years of service to his credit for which he has contributed as a member may borrow from the retirement system, an amount equal to not more than 50% of the amount of his aggregate contributions, but not less than $50.00; provided that the amount so borrowed, together with interest thereon, can be repaid by additional deductions from salary, not in excess of 25% of the member's salary, made at the time the salary is paid to the member. The amount so borrowed, together with interest on any unpaid balance thereof, shall be repaid to the retirement system in equal installments by deductions from the salary of the member at the time the salary is paid or in such lump sum amount to repay the balance of the loan but such installments shall be at least equal to the member's rate of contribution to the retirement system and at least sufficient to repay the amount borrowed with interest thereon. Not more than two loans may be granted to any member in any calendar year. Notwithstanding any other law affecting the salary or compensation of any person or persons to whom this act applies or shall apply, the additional deductions required to repay the loan shall be made. The rate of interest for a loan requested by a member prior to the effective date of P.L.2007, c.92 (C.43:15C-1 et al.) shall be 4% per annum on any unpaid balance thereof. For a loan requested after the effective date of that act, the rate of interest per annum shall be a commercially reasonable rate as required by the Internal Revenue Code to be determined by the State Treasurer on that effective date, and by the board of trustees on January 1 of each calendar year thereafter. An administrative fee in an amount set by the board of trustees for each calendar year may be charged for any loan requested after the effective date of P.L.2007, c.92 (C.43:15C-1 et al.). Loans shall be made to a member from his aggregate contributions. The interest earned on such loans shall be treated in the same manner as interest earned from investments of the retirement system.  L.1964, c.241, s.18; amended 1967, c.250, s.17; 1971, c.175, s.10; 1981, c.370, s.1; 2007, c.92, s.38; 2018, c.55, s.18.
NJ Rev Stat § 43:16A-16.2 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.2 - Repayment of loans after retirement of member of PFRS.

43:16A-16.2 Repayment of loans after retirement of member of PFRS.  2. In the case of any member who retires without repaying the full amount so borrowed, the board of trustees shall deduct from the retirement benefit payments the same monthly amount which was deducted from the compensation of the member immediately preceding retirement until the balance of the amount borrowed together with the interest is repaid. In the case of a pensioner who dies before the outstanding balance of the loan and interest thereon has been recovered, the remaining balance shall be repaid from the proceeds of any other benefits payable on the account of the pensioner either in the form of monthly payments due to his beneficiaries or in the form of lump sum payments payable for pension or group life insurance. L.1981, c.370, s.2; amended 1988, c.134, s.3; 1999, c.132, s.3; 2007, c.92, s.39; 2018, c.55, s.19.
NJ Rev Stat § 43:16A-16.9 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.9 - Definitions

43:16A-16.9. Definitions  2. As used in this act: "Mortgage loan" means any indebtedness secured by a mortgage on a residential property, which mortgage shall constitute a first lien on the property;  "Residential property" means any real property including land or, in the case of condominiums, an interest in a lot of land, which real property shall consist of a single one or two family dwelling, including appropriate garages or other outbuildings, or unimproved real property if the proceeds of the mortgage loan shall be used exclusively for the purposes of erecting such a single one or two family dwelling thereon.  L.1992,c.78,s.2.
NJ Rev Stat § 43:16A-16.10 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.10 - Authority of board of trustees.

43:16A-16.10 Authority of board of trustees.  3. The board of trustees shall at all times have authority to invest and reinvest the monies in, and to acquire for or on behalf of, the Police and Firemen's Retirement System of New Jersey mortgage loans on residential property.  21. Section 4 of P.L.1992, c.78 (C.43:16A-16.11) is amended to read as follows: L.1992, c.78, s.3; amended 2018, c.55, s.20.
NJ Rev Stat § 43:16A-16.12 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.12 - Administration of mortgage loan program.

43:16A-16.12 Administration of mortgage loan program.  5. The board of trustees shall delegate the administration of this mortgage loan program to the New Jersey Housing and Mortgage Finance Agency established under section 4 of P.L.1983, c.530 (C.55:14K-4). The agency shall: a. originate loans; b. appraise the value of any real property eligible to be mortgaged under this act; c. guarantee and insure title to the real property; and d. perform any other service necessary to accomplish the purposes of this act in a manner consistent with the protection of the rights of beneficiaries of the retirement system. The cost of the performance of these services in connection with the making of a mortgage loan shall be charged to the borrower and included in the amount of that mortgage loan. L.1992, c.78, s.5; amended 2018, c.55, s.22.
NJ Rev Stat § 43:16A-16.13 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.13 - Mortgage loan standards, guidelines.

43:16A-16.13 Mortgage loan standards, guidelines.  6. The board of trustees, with the advice of the New Jersey Housing and Mortgage Finance Agency, shall set mortgage loan standards and guidelines for loans made pursuant to this act, including mortgage loan maturity terms, participation fees, mortgage loan insurance requirements, lender compensation rates, servicing fees, loan-to-value ratios, minimum and maximum mortgage loan amounts and eligibility standards consistent with section 4 of this  L.1992, c.78, s.6; amended 2018, c.55, s.23.
NJ Rev Stat § 43:16A-16.14 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.14 - Loan recipients to occupy residence

43:16A-16.14. Loan recipients to occupy residence  7. Any member receiving a mortgage loan pursuant to the provisions of this act shall, within 120 days of the date on which the loan was made, occupy the residence as his principal dwelling place. If any member receiving a mortgage loan pursuant to the provisions of this act sells, or ceases to occupy as his residence and principal dwelling place, that residential property, the entire amount of that mortgage loan, together with any accrued interest thereon, shall be due and payable on the 120th day following that action.  L.1992,c.78,s.7.
NJ Rev Stat § 43:16A-16.15 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.15 - Availability of funds for mortgage loans

43:16A-16.15. Availability of funds for mortgage loans  8. a. Upon application of a member for a mortgage loan the director shall, within 90 days, make available to the New Jersey Housing and Mortgage Finance Agency sufficient funds to provide mortgage loans in accordance with the provisions of this act, except that no mortgage loan shall be made at any time when the total of all principal balances owing on mortgage loans made pursuant to this act, less all write-offs and reserves with respect to these mortgage loans, together exceeds, or by the making of the loan would exceed, 10% of the total investment assets, including mortgage loans, of the retirement system. Every mortgage loan made hereunder shall be evidenced by a note or bond and shall be secured by a mortgage on the fee of real property located within this State. Every mortgage shall be certified to be a first lien by an attorney-at-law of this State or certified or guaranteed to be a first lien by a corporation authorized to guarantee titles to land in this State. For the purposes of this section, a mortgage shall be deemed to be a first lien, notwithstanding the existence of a lien for current taxes or assessments not due or payable at the time the loan is made, and notwithstanding the existence of leases, building restrictions, easements, encroachments, or covenants which do not materially lessen the value of the real property to be mortgaged.  b. Pursuant to rules established by the State Treasurer, with the advice of the New Jersey Housing and Mortgage Finance Agency, no mortgage loan shall be made under this act except upon a written certification signed by at least two persons appointed or retained by the appraisers. In the case of a mortgage loan secured by a mortgage upon real property, such certification shall state the opinion of such persons as to the value of the land and the improvements thereon or to be erected thereon and the character of such improvements. Such certification shall be filed with the records of the retirement system and shall be preserved until the retirement system has no interest, as mortgagee or otherwise, in the real property.  c. No mortgage loan secured by a mortgage on real property shall be made unless the property shall consist of improved real property, or unimproved real property if the proceeds of such loan shall be used for the purposes of erecting improvements thereon.  L.1992,c.78,s.8.
NJ Rev Stat § 43:16A-16.16 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-16.16 - Rules, regulations.

43:16A-16.16 Rules, regulations.  9. The board of trustees shall, with the advice of the Executive Director of the New Jersey Housing and Mortgage Finance Agency and in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), promulgate any rules and regulations necessary to accomplish the purposes of this act. L.1992, c.78, s.9; amended 2018, c.55, s.24.
NJ Rev Stat § 43:16A-17 (2021)
2021 New Jersey Revised Statutes|Title 43 - Pensions and Retirement and Unemployment Compensation|Section 43:16A-17 - Exemption from taxes, garnishment, etc.; assignment of group insurance policy rights and benefits

43:16A-17. Exemption from taxes, garnishment, etc.; assignment of group insurance policy rights and benefits  The right of a person to a pension, an annuity, or a retirement allowance, to the return of contributions, any benefit or right accrued or accruing to a person under the provisions of this act and the moneys in the various funds created under this act, shall be exempt from any State or municipal tax and from levy and sale, garnishment, attachment or any other process, and except as hereinafter in this section and as in this act otherwise provided, shall be unassignable. Nothing in this section shall prohibit any person insured under a group insurance policy, pursuant to an arrangement among the insured, the group policyholder and the insurer, from making to any person other than his employer, a gift assignment of the rights and benefits conferred on him by any provision of such policy or by law including specifically but not by way of limitation the right to exercise the conversion privilege and the right to name a beneficiary. Any such assignment, whether made before or after the effective date of this act, shall entitle the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the policy in accordance with the terms of the assignment. L.1944, c. 255, p. 855, s. 17. Amended by L.1969, c. 98, s. 3, eff. June 26, 1969.