New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 2 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › Subchapter 6 - RETIREMENT › Section 17:2-6.25 - 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, and reported on a biweekly basis under a 12-month contract, 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,
				shall be used, 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.
(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, and reported on a biweekly basis under a 10-month contract, 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, 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
				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, and reported on a biweekly basis under a 12-month contract, 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,
				shall be used, 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, and reported on a biweekly basis under a 10-month contract, 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, 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
				specified in (a) above shall not be made.
(e) In order to determine the last year's
				salary for a veteran 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.