43:10-18.29 - Credit for prior service; payment of arrears; deductions and benefits - New Jersey Statutes

43:10-18.29.  Credit for prior service;  payment of arrears;  deductions and  benefits
    Where any such employee has had prior elective or appointive service in any  State or municipal office or position, such employee shall be given credit for  pension purposes hereunder for such prior service, in addition to his total  county service, upon payment into the fund, in such manner as shall be  determined by the pension commission, of all arrears, with interest as the pension commission shall determine to be due in order to give such employee the  same standing as a member of said fund as all other members who joined said  pension fund when the law providing for such fund became effective, in which  case the maximum rate of interest shall not exceed the average rate of earnings  of the investments of said fund and the maximum length of time for the payment  of arrears shall be 5 years from the date of the application to join the fund;   or if so requested upon written application, the regular deductions from the  salary of such employee shall commence upon the filing of such written  application and he shall be entitled to the same benefits as a new employee  then joining the fund would receive.

     L.1954, c. 251, p. 918, s. 2.