New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 3 - TEACHERS' PENSION AND ANNUITY FUND › Subchapter 6 - RETIREMENT › Section 17:3-6.27 - Determination of last year's salary; veterans reported on a biweekly basis

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to
				determine the last year's salary for a veteran with 35 or more years of
				creditable service, age 55 or older, reported on a biweekly basis under a
				12-month contract, use a total of 26 biweekly pays, including any across the
				board retroactive salary payments made within the covered period. The total
				salary will be adjusted by factors supplied by the actuary to compensate for
				biweekly payroll schedules.
(b) In
				order to determine the last year's salary for a veteran with 35 or more years
				of creditable service, age 55 or older, reported on a biweekly basis under a
				10-month contract, include in the total 26 biweekly pay periods those pay
				periods in the third quarter of each year in which the member does not receive
				salary, including any retroactive salary payments that are attributable to the
				covered period and paid as part of a salary agreement with a group of
				employees. The adjustment as specified in (a) above shall not be
				made.
(c) In order to determine the
				last year's salary for a veteran with 20 or more years of creditable service,
				age 60 or older, or a veteran with 25 or more years of creditable service, age
				55 or older, reported on a biweekly basis under a 12-month contract, use the
				member's creditable salaries upon which contributions were made in the member's
				final 26 biweekly pay periods of pensionable service preceding retirement, or
				in the 26 consecutive pay periods in which the member achieved the greatest
				earnings, including any retroactive salary payments that are attributable to
				the covered period and paid as part of a salary agreement with a group of
				employees. The total salary will be adjusted by factors supplied by the actuary
				to compensate for biweekly payroll schedules.
(d) In order to determine the last year's
				salary for a veteran with 20 or more years of creditable service, age 60 or
				older, or a veteran with 25 or more years of creditable service, age 55 or
				older, reported on a biweekly basis under a 10-month contract, use the member's
				creditable salaries upon which contributions were made in the member's final 26
				biweekly pay periods of pensionable service preceding retirement, or in the 26
				consecutive pay periods in which the member achieved the greatest earnings,
				including any retroactive salary payments that are attributable to the covered
				period and paid as part of a salary agreement with a group of employees. The
				total 26 biweekly pay periods will include those pay periods in the third
				quarter of each year in which the member does not receive salary. The
				adjustment as specified in (a) above shall not be made.
(e) If a member was reported on a biweekly
				basis on any combination of 10 and 12-month contract years, the last year's
				salary prior to retirement shall be determined on a proportional
				basis.