43:16A-48.4. Transferred employees; deduction; contributions; rate; rights and benefits; credits
188 words·~1 min read·
/nj/title-43/chapter-16a/43-16a-48-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The transferred employees thereby affected shall be members of the Police and Firemen's Retirement System and deductions from their salaries and contributions on their behalf shall thereafter be made as required by the act creating such system for members thereof. Such transferred employees shall have the same contribution obligation and enjoy the same rights and benefits of all other members of the system except as provided by this act. Any credit for public service which had been established in the county or county park commission pension funds or in the Public Employees' Retirement System by the transferred employee shall be established in the Police and Firemen's Retirement System.
Upon the transfer of membership to the Police and Firemen's Retirement System under the provisions of this act, the rate of contribution of such member shall be determined by the rates payable by other members, except that the number of years of credited service in the former pension fund shall be deducted from the member's current age in order to fix the age upon which the rate of contribution is based.
L.1973, c. 92, s. 4, eff. April 24, 1973.