reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-27 - Retirement reserve fund

43:15A-27. Retirement reserve fund
The retirement reserve fund shall be the fund from which all retirement allowances shall be paid. Upon the retirement of a member his accumulated deductions together with regular interest shall be transferred to the retirement reserve fund from the annuity savings fund. The reserve needed to produce the balance of the retirement allowance shall be transferred from the contingent reserve fund. If the retirement allowance of a member who has been retired is subsequently canceled, the appropriate reserve shall be transferred to the annuity savings fund and the contingent reserve fund.
Any surplus or deficit developing in the retirement reserve fund shall be adjusted from time to time by transfer to or from the contingent reserve fund by appropriate action of the retirement system upon the advice of the actuary.
L.1954, c. 84, p. 491, s. 27. Amended by L.1955, c. 261, p. 960, s. 6; L.1971, c. 213, s. 11, eff. June 17, 1971.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-28 - Special reserve fund

43:15A-28. Special reserve fund
The special reserve fund shall be the fund to which any earnings in excess of the amounts annually allowed under the provisions of section 33 of this act shall be transferred. No additional amounts shall be credited to the special reserve fund at any time when the total accumulations in such fund shall equal 1% of the book value of the investments of the retirement system. In this event, any such excess shall be credited to the contingent reserve fund. All losses from the sale of securities shall be charged against the special reserve fund. The special reserve fund shall be considered for valuation purposes by the actuary as an asset of the retirement system.
L.1954, c. 84, p. 492, s. 28. Amended by L.1963, c. 51, s. 2; L.1971, c. 213, s. 43, eff. June 17, 1971.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-29 - Relation of new employees to fund

43:15A-29. Relation of new employees to fund
Upon the employment of a person to whom this act may apply, his employer shall inform him of his duties and obligations under this act as a condition of his employment.
L.1954, c. 84, p. 492, s. 29.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-30 - Deductions certified to fund

43:15A-30. Deductions certified to fund
In accordance with the rate of contribution and the extra salary deductions certified by the retirement system, each department and each branch of State service not within a department shall certify to the State Treasurer the contribution and extra deductions to be made for the retirement system. The State Treasurer shall pay each of the amounts so deducted to the retirement system, and he shall transfer to the retirement system monthly or at such interval as the system designates a detailed statement of all amounts so paid. The retirement system shall cause each of the amounts so deducted to be credited to the individual account of the member from whose compensation the deduction was made.
L.1954, c. 84, p. 492, s. 30. Amended by L.1971, c. 213, s. 12, eff. June 17, 1971.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-31 - Records kept by State departments

43:15A-31. Records kept by State departments
Each State department and branch of the state service not included in a department shall keep such records and, from time to time, furnish such information as the retirement system may require.
L.1954, c. 84, p. 492, s. 31. Amended by L.1971, c. 213, s. 13, eff. June 17, 1971.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-32 - Management of funds.

43:15A-32 Management of funds.
32. The board of trustees shall be and are hereby constituted trustees of the various funds and accounts established by this act; provided, however, that all functions, powers, and duties relating to the investment or reinvestment of moneys of, and purchase, sale, or exchange of any investments or securities, of or for any fund or account established under this act, shall be exercised and performed by the Director of the Division of Investment in accordance with the provisions of chapter 270, P.L.1950, as amended and supplemented. The secretary of the board of trustees shall determine from time to time the cash requirements of the various funds and accounts established by this act and the amount available for investment, all of which shall be certified to the Director of the Division of Investment.
The members of the finance committee of the board of trustees shall be appointed at or after July 1 of each calendar year by the chairman of the board of trustees to serve through June 30 of the ensuing calendar year and until their successors are appointed. The finance committee of the board of trustees shall consist of five members of the board of trustees, one of whom shall be the State Treasurer, and one of whom shall be the member designated to serve on the State Investment Council. At least three members of the finance committee shall be members of the board of trustees who have been elected by members of the system. A quorum of the finance committee shall consist of three members thereof.
An elected member of the board of trustees to be designated by a majority vote thereof shall serve on the State Investment Council as a representative of said board of trustees, for a term of three years and until a successor is designated and qualified.
L.1954, c.84, s.32; amended 1954, c.244, s.4; 1955, c.261, s.7; 1970, c.57, s.3; 2011, c.78, s.30.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33 - Interest on fund balances.

43:15A-33 Interest on fund balances.
33. The board of trustees at the end of each fiscal year shall allow interest on the balance of the annuity savings fund, contingent reserve fund, the retirement reserve fund, benefit enhancement fund and the members' death benefit fund as of the beginning of said fiscal year at the regular interest rate applicable thereto to cover the interest creditable to the respective funds for the year. The amount so allowed shall be due and payable to said funds and shall be credited annually thereto by the board.
L.1954,c.84,s.33; amended 1954, c.244, s.5; 2001, c.133, s.10.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.1 - Investment in New Jersey realty; erection of buildings and structures; lease or sale to state

43:15A-33.1. Investment in New Jersey realty; erection of buildings and structures; lease or sale to state
The Director of the Division of Investment in the Department of the Treasury, in addition to other investments authorized by law, shall have authority, subject to the approval and acceptance by the board of trustees of the Public Employees' Retirement System, to invest in and acquire real property in the State of New Jersey on behalf of and in the name of the Public Employees' Retirement System, and to erect buildings and structures and make other improvements thereon, and to rent, lease, sell and dispose of the same, said lands, buildings, structures and improvements to be initially rented to the State of New Jersey for its use in accordance with the provisions of this act.
L.1960, c. 44, p. 178, s. 1.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.2 - Total authorized investment

43:15A-33.2. Total authorized investment
The total investment authorized pursuant to this act shall not exceed 5% of the book value of the total investments of such fund at the time of the making of the investment.
L.1960, c. 44, p. 178, s. 2. Amended by L.1968, c. 468, s. 1, eff. March 4, 1969.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.3 - Investment as asset of fund

43:15A-33.3. Investment as asset of fund
Any real estate investment made pursuant to this act shall at all times during its ownership by the fund be carried as an asset of the fund.
L.1960, c. 44, p. 178, s. 3.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.4 - Rental or lease terms; purpose of section

43:15A-33.4. Rental or lease terms; purpose of section
If the property is rented or leased to the State, it shall be on terms calling for level periodic rental payments, not more than 1 year apart, in such amounts as will amortize the total actual cost of the investment, including cost of land, construction, improvement and supervision of construction, over a period of 20 years from the beginning of the term of its first rental, together with income to be derived therefrom for the benefit of the fund at such rate not in excess of 6% per annum, as shall be fixed by the Director of the Division of Investment and approved by the board of trustees, on the depreciated value of the asset which shall be its total actual cost to the fund less a depreciation allowance equal in amount to the aggregate sums received toward amortization of the investment. Such portion of the rentals as shall exceed the amounts received toward amortization shall be treated as investment income.
It is the purpose of this section to provide for the accounting basis upon which the real property investment shall be carried and depreciated and for the treatment, as between capital and income, of the amounts received for the use of the property by way of rental, in order to maintain the integrity and actuarial soundness of the funds established by the "Public Employees' Retirement-Social Security Integration Act" (P.L.1954, c. 84).
L.1960, c. 44, p. 178, s. 4. Amended by L.1968, c. 468, s. 2, eff. March 4, 1969.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.5 - Sale of realty to state during occupancy as tenant; purchase price; credits

43:15A-33.5. Sale of realty to state during occupancy as tenant; purchase price; credits
Should such real estate investment be sold to the State during its occupancy as tenant, the board of trustees of the fund shall accept, in full payment therefor, as well as for any State lands theretofore conveyed to it in connection therewith, the total actual cost thereof. In the event that any sums shall have been paid to the fund toward amortization of the investment, the aggregate amount thereof at the time of closing of title shall be credited against the purchase price.
L.1960, c. 44, p. 179, s. 5.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.6 - Payment of costs and expenses by state for operation, maintenance, repair, etc.; capital improvements

43:15A-33.6. Payment of costs and expenses by state for operation, maintenance, repair, etc.; capital improvements
Any rental arrangement or lease to the State for the use of such real property shall provide that all costs and expenses for the operation, maintenance, repair and management of the real property shall be paid for by the State, as tenant, at its sole cost and expense, in addition to the level rental payments; but this shall not preclude the making of enlargements, betterments or other capital improvements on behalf of the fund as a further investment or investments, in like manner and subject to the same requirements and restrictions as are applicable to the initial investment in such real property made under this act.
L.1960, c. 44, p. 179, s. 6.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.7 - Authority to execute and deliver leases, contracts or agreements

43:15A-33.7. Authority to execute and deliver leases, contracts or agreements
The board of trustees is authorized to execute and deliver to the appropriate State officers or agencies such leases, contracts or agreements, which may include options to purchase, agreements for appropriate State officers or agencies to act as agent for the fund in connection with the purchase of land, construction of buildings or other improvements, and otherwise as may be necessary or appropriate in order to execute the purposes of this act.
L.1960, c. 44, p. 179, s. 7.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.8 - Construction of buildings on state lands and transfer of title to Public Employees' Retirement System

43:15A-33.8. Construction of buildings on state lands and transfer of title to Public Employees' Retirement System
In order to carry out the purposes of this act, the rental arrangement or lease referred to in section 4 of this act may include, on behalf of the State, permission to construct a building or buildings, which will constitute the real property in which the investment is made, upon lands owned by the State, and to transfer title to such lands to the said Public Employees' Retirement System.
L.1960, c. 44, p. 180, s. 8.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.9 - Responsibility for selection of site, planning of building, etc.; co-ordination of location and plans with master plans

43:15A-33.9. Responsibility for selection of site, planning of building, etc.; co-ordination of location and plans with master plans
The Director of the Division of Purchase and Property, subject to the approval of the State House Commission, shall be responsible for the selection of a site, planning of any building to be constructed on behalf of the Public Employees' Retirement System as an investment under this act, as well as the acquisition of lands, negotiation and approval of leases, contracts, options and other instruments and agreements, in order that the location of and plans for the building shall be co-ordinated with the master plan to be developed pursuant to P.L.1959, chapter 5.
L.1960, c. 44, p. 180, s. 9.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-33.10 - Partial invalidity

43:15A-33.10. Partial invalidity
If any clause, sentence, subdivision, paragraph, section or part of this act be adjudged by any court of competent jurisdiction to be ineffective, such determination shall not affect or impair the remainder thereof, but shall be confined in its operation to the clause, sentence, subdivision, paragraph, section or part thereof directly involved in the controversy in which said determination shall have been rendered.
L.1960, c. 44, p. 180, s. 11.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-34 - Borrowing from fund by members, interest rates.

43:15A-34 Borrowing from fund by members, interest rates.
34. 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 accumulated deductions, but not less than $50.00; provided, that the amount so borrowed, together with interest thereon, can be repaid by additional deductions from compensation, not in excess of 25% of the member's compensation, made at the same time compensation 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 deduction from the compensation of the member at the time the compensation 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 on January 1 of each calendar year thereafter. An administrative fee in an amount set by the State Treasurer 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 accumulated deductions. The interest earned on such loans shall be treated in the same manner as interest earned from investments of the retirement system.
L.1954, c.84, s.34; amended 1955, c.261, s.8; 1966, c.217, s.5; 1971, c.213, s.14; 1981, c.55, s.1; 2007, c.92, s.36.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-34.1 - Repayment of loans after retirement of members of PERS.

43:15A-34.1 Repayment of loans after retirement of members of PERS.
2. In the case of any member who retires without repaying the full amount so borrowed, the Division of Pensions and Benefits 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.55, s.2; amended 1988, c.134, s.2; 1999, c.132, s.2; 2007, c.92, s.37.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-35 - Custodian of fund; payments; vouchers

43:15A-35. Custodian of fund; payments; vouchers
The State Treasurer shall be the custodian of the funds created by this act, shall select all depositories and custodians and shall negotiate and execute custody agreements in connection with the assets or investments of any of said funds.
All payments from the funds shall be made by him only upon voucher signed by the chairman and countersigned by the secretary of the board of trustees. No voucher shall be drawn, except upon the authority of the board duly entered in the record of its proceedings.
L.1954, c. 84, p. 495, s. 35. Amended by L.1954, c. 244, p. 895, s. 6.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-36 - Interest in fund by trustee or employee prohibited

43:15A-36. Interest in fund by trustee or employee prohibited
Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of any investments of the retirement system; nor shall any trustee or employee of the board directly or indirectly, for himself or as an agent in any manner use the moneys of the retirement system, except to make such current and necessary payments as are authorized by the board of trustees; nor shall any trustee or employee of the board of trustees become an endorser or surety, or in any manner an obligor for moneys loaned to or borrowed from the retirement system.
L.1954, c. 84, p. 495, s. 36. Amended by L.1970, c. 57, s. 4, eff. May 18, 1970.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-37 - Obligations of State; basis of State appropriation.

43:15A-37 Obligations of State; basis of State appropriation.
37. Regular interest charges payable, the creation and maintenance of reserves in the contingent reserve fund, the maintenance of retirement reserves as provided for in this act and the payment of all retirement allowances and other benefits granted by the board of trustees under the provisions of this act, except the amounts payable by other employers, are hereby made obligations of the State. All income, interest and dividends derived from deposits and investments authorized by this act shall be used for the payment of these obligations of the State and other employers, including, during the term of the lottery contribution made pursuant to section 4 of P.L.2017, c.98 (C.5:9-22.8), all income, interest, and dividends derived from deposits and investments in the investment account of Common Pension Fund L, established pursuant to section 6 of P.L.2017, c.98 (C.5:9-22.10).
Upon the basis of each actuarial determination and appraisal provided for in this act, the board of trustees shall submit to the Governor in each year an itemized statement of the amounts necessary to be appropriated by the State to provide for payment in full during the ensuing fiscal year of the obligations of the State accruing during that year. The Legislature shall make an appropriation sufficient to provide for such obligations of the State. The amounts so appropriated shall be paid into the contingent reserve fund.
L.1954, c.84, s.37; amended 1971, c.213, s.15; 2017, c.98, s.25.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-38 - Vesting of PERS members.

43:15A-38 Vesting of PERS members.
38. Should a member of the Public Employees' Retirement System, after having completed 10 years of service, be separated voluntarily or involuntarily from the service, before reaching service retirement age, and not by removal for cause on charges of misconduct or delinquency, such person may elect to receive:
(a) The payments provided for in section 41b. of this act, if he so qualifies under said section; or
(b) A deferred retirement allowance, beginning at the retirement age, which shall be made up of an annuity derived from the accumulated deductions standing to the credit of the individual member's account in the annuity savings fund at the time of his severance from the service together with regular interest, and a pension which when added to the annuity will produce a total retirement allowance of 1/64 of final compensation for each year of service credited as Class A service and 1/55 of final compensation for each year of service credited as Class B service, or for a person who becomes a member of the retirement system on or after the effective date of P.L.2010, c.1 1/60 of final compensation for each year of service credited as Class B service, calculated in accordance with section 48 of this act, with optional privileges provided for in section 50 of this act if he exercises such optional privilege at least 30 days before his attainment of the normal retirement age; provided, that such election is communicated by such member to the retirement system in writing stating at what time subsequent to the execution and filing thereof he desires to be retired; and provided further, that such member, as referred to in this subsection may later elect: (1) to receive the payments provided for in section 41b. of this act, if he had qualified under that section at the time of leaving service, except that in order to avail himself of the optional privileges pursuant to section 50, he must exercise such optional privilege at least 30 days before the effective date of his retirement; or (2) to withdraw his accumulated deductions with interest as provided in section 41a. If such member shall die before attaining service retirement age then his accumulated deductions, plus regular interest, shall be paid in accordance with section 41c.; or if such member shall die after attaining service retirement age and has not withdrawn his accumulated deductions, an amount equal to 3/16 of the compensation received by the member in the last year of creditable service shall be paid to such person, if living, as he shall have nominated by written designation duly executed and filed with the retirement system; otherwise to the executor or administrator of the member's estate.
L.1954, c.84, s.38; amended 1955, c.261, s.9; 1966, c.217, s.6; 1981, c.177, s.4; 2001, c.133, s.11; 2010, c.1, s.11.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-39.1 - Credit in retirement system for members on approved leave of absence.

43:15A-39.1 Credit in retirement system for members on approved leave of absence.
3. Any member who serves, while on an approved leave of absence from regular duties, as an officer or representative of a local, county or State labor organization which represents, or is affiliated with an organization which represents, public employees shall have the option to receive credit in the retirement system for the service. Any member who chooses to receive the credit shall be liable, with respect to the service to be credited, for payment to the retirement system of both the contributions that would have been required under section 25 of P.L.1954, c.84 (C.43:15A-25) and section 30 of P.L.1954, c.84 (C.43:15A-30) and the contributions that would have been required under section 24 of P.L.1954, c.84 (C.43:15A-24) if that service had been rendered as regular service to the employer granting the leave of absence. The contributions shall be based upon the compensation that would have been received by the member under the negotiated salary guide of the employer granting the leave had that member remained in service with that employer, including applicable normal increments and negotiated wage increases occurring during the period of the leave.
L.2005,c.368,s.3.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-41.1 - Eligibility for death benefit; evidence of insurability

43:15A-41.1. Eligibility for death benefit; evidence of insurability
a. Any person entitled to become a member of the Public Employees' Retirement System shall not be allowed any of the death benefits established by sections 38, 41, 45, 46, 48 and 49e, of chapter 84 of the laws of 1954, and by this act, if on the date he files an application for membership he is 60 or more years of age or if he makes application for membership beyond the year after he first became eligible for membership, regardless of age, unless the member furnishes satisfactory evidence of insurability and on the effective date of his membership is actively at work and performing all his regular duties at his customary place of employment.
The effective date of coverage for such death benefits shall be the first day of the month which immediately follows the date when such evidence is determined to be satisfactory.
b. Such evidence of insurability will not be required of any person becoming a member of the Public Employees' Retirement System upon transfer from another State administered retirement system, if such system provided death benefits of a similar nature and the transferring member was covered by such benefits at the time of transfer. If such transferring member was not covered by such benefits at the time of the transfer, he may be allowed the death benefits of the Public Employees' Retirement System subject to the provisions of subsection a. of this section; provided, however, that any such member must furnish satisfactory evidence of insurability under the provisions of subsection a. of this section if he had been unable or failed to give such evidence as a member of the system from which he transferred.
c. Any person who must furnish satisfactory evidence of insurability under the provisions of this section and who ceases to be a member of the retirement system without such evidence having been given, shall continue to be subject to the same requirement if he subsequently becomes a member.
L.1971, c. 213, s. 47, eff. June 17, 1971.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-42 - Ordinary disability retirement.

43:15A-42 Ordinary disability retirement.
42. A member, under 60 years of age, who has 10 or more years of credit for New Jersey service, shall, upon the application of the head of the department in which he shall have been employed or upon his own application or the application of one acting in his behalf, be retired for ordinary disability by the board of trustees. The physician or physicians designated by the board shall have first made a medical examination of him at his residence or at any other place mutually agreed upon and shall have certified to the board that the member is physically or mentally incapacitated for the performance of duty and should be retired.
The service requirement provisions of this amendatory and supplementary act shall not become effective for 5 years following the effective date of the act.
No person who becomes a member of the retirement system on or after the effective date of P.L.2010, c.3 shall be eligible for retirement pursuant to this section.
L.1954, c.84, s.42; amended 1966, c.67, s.3; amended 2010, c.3, s.8.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-42.2 - Inapplicability relative to certain transferred service credit.

43:15A-42.2 Inapplicability relative to certain transferred service credit.
12. The provisions of section 42 of P.L.1954, c.84 (C.43:15A-42) and section 43 of P.L.1954, c.84 (C.43:15A-43) as amended by P.L.2010, c.3, and section 11 of P.L.2010, c.3 (C.43:15A-42.1), concerning persons who become members of the retirement system on or after the effective date of P.L.2010, c.3 shall not apply to a person who at the time of enrollment in the retirement system on or after that effective date transfers service credit, as permitted, from another State-administered retirement system or fund of which the person was a member immediately prior to the effective date and continuously thereafter, but shall apply to a former member of the retirement system who has been granted a retirement allowance and is reenrolled in the retirement system on or after that effective date after becoming employed again in a position that makes the person eligible to be a member of the retirement system.
L.2010, c.3, s.12.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-43.1 - "Law enforcement officer."

43:15A-43.1 "Law enforcement officer."
3. As used in this section, "law enforcement officer" includes, but shall not be limited to, sheriff's officers and corrections officers.
For purposes of subsection a. of section 43 of P.L.1954, c.84 (C.43:15A-43), permanent and total disability of a member who is a law enforcement officer, firefighter, or emergency medical responder eligible to retire pursuant to that subsection a. shall be deemed to have occurred as a direct result of a traumatic event occurring during and as a result of the performance of regular or assigned duties if:
the law enforcement officer, firefighter, or emergency medical responder contracts COVID-19 and tests positive for SARS-CoV-2 during the public health emergency in the State declared by the Governor in Executive Order No. 103 of 2020 and as extended;
the law enforcement officer, firefighter, or emergency medical responder is permanently and totally disabled as a result of COVID-19; and
the law enforcement officer, firefighter, or emergency medical responder's regular or assigned duties required the law enforcement officer, firefighter, or emergency medical responder to interact, and the law enforcement officer, firefighter, or emergency medical responder so interacted, with the public or to directly supervise other personnel so interacting with the public on any date during the public health emergency in the State declared by the Governor in Executive Order No. 103 of 2020 and as extended and within 14 calendar days prior to the appearance of symptoms consistent with COVID-19 that shall have been confirmed in writing by a licensed health care provider on a form approved by the board of trustees and also confirmed by a positive test result for SARS-CoV-2.
A member who is a law enforcement officer, firefighter, or emergency medical responder and who retired during the public health emergency in the State declared by the Governor in Executive Order No. 103 of 2020 and as extended and has been approved for a retirement allowance pursuant to a provision other than this section or section 43 of P.L.1954, c.84 (C.43:15A-43) prior to the effective date of this act, P.L.2020, c.54, may apply for a retirement allowance pursuant to this section and, if approved, the prior approval shall be rescinded and the retirement allowance pursuant to approval under this section shall be made retroactive to the date of the initial approval of the rescinded retirement allowance.
This section shall not apply to any member who has retired and subsequently returned to employment pursuant to Executive Order No. 115 of 2020 or any other executive order similarly permitting a retired member to return to employment without reenrollment to assist during the public health emergency and state of emergency.
New onset diseases and chronic psychological disease resulting from prior exposure to, and recovery from, COVID-19 shall not be deemed a permanent and total disability resulting from COVID-19.
L.2020, c.54, s.3.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-45 - Allowance for ordinary disability retirement.

43:15A-45 Allowance for ordinary disability retirement.
45. A member upon retirement for ordinary disability shall receive a retirement allowance, which shall consist of:
a. An annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest and
b. A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of 1.64% of final compensation multiplied by his number of years of creditable service; provided further, that in no event shall the allowance be less than 43.6% of final compensation.
c. Upon the receipt of proper proofs of the death of a member who has retired on an ordinary disability retirement allowance, there shall be paid to such member's beneficiary, an amount equal to 1 1/2 times the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service; provided, however, that if such death shall occur after the member shall have attained age 60, the amount payable shall equal 3/16 of such compensation.
L.1954, c.84, s.45; amended 1955, c.261, s.12; 1966, c.67, s.6; 1971, c.213, s.19, 2001, c.353, s.9.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-45.1 - Increase in retirement allowance under C.43:15A-45 and C.43:15A-50.

43:15A-45.1 Increase in retirement allowance under C.43:15A-45 and C.43:15A-50.
10. The retirement allowance of each retiree under section 45 of P.L.1954, c.84 (C.43:15A-45), or the retiree's beneficiary pursuant to section 50 of P.L.1954, c.84 (C.43:15A-50), on the effective date of P.L.2001, c.353 shall be increased by a percentage equivalent to the percentage increase in the fraction of final compensation for each year of credited service for the total retirement allowance under these sections made by this act, P.L.2001, c.353 (C.18A:66-41.1 et al.). 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.10.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-46 - Allowance for retirement for accidental disability.

43:15A-46 Allowance for retirement for accidental disability.
46. A member under 65 years of age upon retirement for accidental disability shall receive a retirement allowance which shall consist of:
a. An annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest; and
b. A pension, in the amount which, when added to the member's annuity, will provide a total retirement allowance of 72.7% of his actual annual compensation for which contributions were being made at the time of the occurrence of the accident.
c. Upon receipt of proper proofs of the death of a member who has retired on an accidental disability retirement allowance, there shall be paid to such member's beneficiary, an amount equal to 1 1/2 times the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service; provided, however, that if such death shall occur after the member shall have attained age 60, the amount payable shall equal 3/16 of such compensation.
L.1954,c.84,s.46; amended 1955, c.261, s.13; 1966, c.67, s.7; 1971, c.213, s.20; 2001, c.353, s.11.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-46.1 - Increase in retirement allowance under C.43:15A-46 and C.43:15A-50.

43:15A-46.1 Increase in retirement allowance under C.43:15A-46 and C.43:15A-50.
12. The retirement allowance of each retiree under section 46 of P.L.1954, c.84 (C.43:15A-46), or the retiree's beneficiary pursuant to section 50 of P.L.1954, c.84 (C.43:15A-50), on the effective date of P.L.2001, c.353 shall be increased from 2/3 to 72.7% of the actual annual compensation for which contributions were being made at the time of the occurrence of the accident. 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.12.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-46.2 - Payment of normal contribution for increased benefits for active members under C.43:15A-45 and C.43:15A-46.

43:15A-46.2 Payment of normal contribution for increased benefits for active members under C.43:15A-45 and C.43:15A-46.
13. The normal contribution for the increased benefits for active members under sections 45 and 46 of P.L.1954, c.84 (C.43:15A-45 and 43:15A-46) as amended by sections 9 and 11 of P.L.2001, c.353 shall be paid from the benefit enhancement fund established pursuant to section 22 of P.L.1954, c.84 (C.43:15A-22). If there are excess valuation assets after reductions in normal contributions and member contributions, the amount of excess valuation assets credited to the benefit enhancement fund shall include the present value of the expected additional normal contributions attributable to the provisions of sections 45 and 46 of P.L.1954, c.84 (C.43:15A-45 and 43:15A-46) as amended by sections 9 and 11 of P.L.2001, c.353 payable on behalf of the active members over the expected working lives of the active members in accordance with the tables of actuarial assumptions for the valuation period. No additional excess valuation assets shall be credited to the benefit enhancement fund after the maximum amount is attained. Interest shall be credited to the benefit enhancement fund as provided under section 33 of P.L.1954, c.84 (C.43:15A-33). If assets in the benefit enhancement fund are insufficient to pay the normal contribution for the increased benefits for a valuation period, the State shall pay the amount of normal contribution for the increased benefits not covered by assets from the benefit enhancement fund.
L.2001,c.353,s.13.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-47 - Retirement based on age.

43:15A-47 Retirement based on age.
47. a. A person who was a member before the effective date of P.L.2008, c.89 and has attained 60 years of age may retire on a service retirement allowance by filing with the retirement system a written application, duly attested, stating at which time subsequent to the execution and filing thereof the member desires to be retired. The board of trustees shall retire him at the time specified or at such other time within one month after the date so specified as the board finds advisable.
b. A person who becomes a member on or after the effective date of P.L.2008, c.89 and has attained 62 years of age may retire on a service retirement allowance by filing with the retirement system a written application, duly attested, stating at which time subsequent to the execution and filing thereof the member desires to be retired. The board of trustees shall retire the member at the time specified or at such other time within one month after the date so specified as the board finds advisable.
c. A person who becomes a member on or after the effective date of P.L.2011, c.78 and has attained 65 years of age may retire on a service retirement allowance by filing with the retirement system a written application, duly attested, stating at which time subsequent to the execution and filing thereof the member desires to be retired. The board of trustees shall retire the member at the time specified or at such other time within one month after the date so specified as the board finds advisable.
L.1954, c.84, s.47; amended 1971, c.213, s.21; 1999, c.380, s.16; 2008, c.89, s.24; 2011, c.78, s.38.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-47.3 - Volunteer services by certain retirees under PERS permitted.

43:15A-47.3 Volunteer services by certain retirees under PERS permitted.
1. The retirement of a member of the Public Employees' Retirement System, established pursuant to P.L.1954, c.84 (C.43:15A-1 et seq.), who (1) on the date of retirement has attained the service retirement age applicable to that member and is a volunteer firefighter or first aid worker, rescue squad worker, or emergency medical technician serving as a volunteer in the same jurisdiction; and (2) remains a volunteer firefighter or first aid worker, rescue squad worker, or emergency medical technician serving as a volunteerafter the date of retirement as long as the employee's job duties were substantially different or, if the employee's job duties were similar, the employee has a break in service of at least 30 days after retirement, shall be a bona fide severance from employment, notwithstanding that the retired employee maintains the relationship of a volunteer firefighter or first aid worker, rescue squad worker, or emergency medical technician serving as a volunteer with the same employer from whose employment the member retired. This act shall be effective if the qualified status of the retirement system under federal law can be maintained upon its application, and such modifications to the system as may be available shall be made to allow for its application.
Notwithstanding any other provisions of law to the contrary, the provisions of this section shall not be construed to permit a paid firefighter employed by a part-paid fire department to serve as a volunteer with the department from which the paid firefighter retired.
L.2018, c.96, s.1.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-48 - Retirement allowance for service.

43:15A-48 Retirement allowance for service.
48. A member, upon retirement for service, shall receive a retirement allowance consisting of:
a. An annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest; and
b. A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of 1/64 of final compensation for each year of service credited as Class A service and 1/55 of final compensation for each year of service credited as Class B service, or for a person who becomes a member of the retirement system on or after the effective date of P.L.2010, c.1 1/60 of final compensation for each year of service credited as Class B service.
c. Upon the receipt of proper proofs of the death of a member who has retired on a service retirement allowance, there shall be paid to the member's beneficiary, an amount equal to 3/16 of the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service.
L.1954, c.84, s.48; amended 1955, c.261, s.14; 1971, c.213, s.22; 2001, c.133, s.13; 2010, c.1, s.13.
2023 New Jersey Revised Statutes › Title 43 - Pensions and Retirement and Unemployment Compensation › Section 43:15A-49 - Accidental death benefit.

43:15A-49 Accidental death benefit.
49. a. Upon the death of a member in active service as a result of:
(1) an accident met in the actual performance of duty at some definite time and place, or
(2) service in the reserve component of the Armed Forces of the United States or the National Guard in a federal active duty status, and not as the result of his willful negligence, an accidental death benefit shall be payable, if a report of the accident is filed in the office of the retirement system within 60 days next following the accident, but the board of trustees may waive such time limit, for a reasonable period, if in the judgment of the board the circumstances warrant such action.
No such application shall be valid or acted upon unless it is filed in the office of the retirement system within five years of the date of such death.
b. Upon the receipt of proper proofs of the death of a member on account of which an accidental death benefit is payable, there shall be paid to his widow or widower a pension of 50% of the compensation, upon which contributions by the member to the annuity savings fund were based in the last year of creditable service, for the use of herself or himself and the children of the deceased member, to continue during her or his widowhood; if there is no surviving widow or widower or in case the widow or widower dies or remarries, 20% of such compensation will be payable to one surviving child, 35% of such compensation to two surviving children in equal shares and if there be three or more children, 50% of such compensation will be payable to such children in equal shares. If there is no surviving widow, widower or child, 25% of the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service, will be payable to one surviving parent or 40% of such compensation will be payable to two surviving parents in equal shares. In the event of accidental death occurring in the first year of creditable service, the benefits payable pursuant to this subsection shall be computed at the annual rate of compensation.
c. If there is no surviving widow, widower, child or parent, there shall be paid to any other beneficiary of the deceased member his accumulated deductions at the time of death.
d. In no case shall the death benefit provided in subsection b. be less than that provided under subsection c.
e. In addition to the foregoing benefits payable under subsection b. or c., there shall also be paid in one sum to such member's beneficiary an amount equal to one and one-half times the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service.
L.1954, c.84, s.49; amended 1955, c.261, s.15; 1966, c.217, s.9; 1971, c.213, s.23; 1977, c.376, s.2; 1987, c.1, s.2; 2009, c.23, s.3.