PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: 18A, EDUCATION
Chapter 66: Defective record; order for new or supplemental certificate
Section: 18A:66-20: Excess contributions returned
(a) Any contributions made by a member in excess of those required shall be refunded with regular interest to January 1, 1956, to the member or his beneficiary or estate or shall, at his request, be used at retirement with regular interest to provide an annuity of equivalent actuarial value which shall be in addition to his retirement allowance as computed in accordance with section 18A:66-44.
(b) Upon the submission of such evidence as the retirement system may require, the system shall refund to any member, that part of his accumulated deductions paid into the retirement system as a result of deductions based on payments to him over and above compensation as defined in this article.
(c) Until July 1, 1974 contributions, made by a member employed by an institution of higher education prior to July 1, 1969, on the basis of compensation earned during summer sessions may be refunded with regular interest to January 1, 1956 to the member at his request or shall be included in the computation of his retirement allowance.
L.1967, c.271; amended by L.1971, c. 121, s. 10, eff. April 29, 1971.
This section added to the Rutgers Database: 2012-09-26 13:37:48.
Older versions of 18A:66-20 (if available):
Court decisions that cite this statute: CLICK HERE.