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New Jersey Statutes, Title: 43, PENSIONS AND RETIREMENT AND UNEMPLOYMENT COMPENSATION
Chapter 15a: Extension to governmental units having no retirement system
Section: 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.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 43:15a-45 (if available):
Court decisions that cite this statute:
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