43:10-18.64e - Legislation providing blanket increases to retirants or beneficiaries eligible for benefits under this act after 1977; termination of increases; exception - New Jersey Statutes

43:10-18.64e.  Legislation providing blanket increases to retirants or beneficiaries eligible for benefits under this act after 1977;  termination of increases;  exception
    If legislation is adopted providing for a blanket increase in original pensions or minimum pensions to any group of retirants or beneficiaries eligible for benefits under this supplementary act, other than legislation enacted prior to 1978, all increases provided under this supplementary act shall be terminated on the first of the month when such blanket increases or minimum pensions are payable, except in those instances where the retirant's or  beneficiary's original pension plus the increases provided under this supplementary act will exceed the amounts payable to such retirant or beneficiary as a result of such other legislation;  in such event the amount payable under this supplementary act shall thereafter be the difference between  the new pension payable by the pension fund and the amount which would  otherwise have been paid under this act.  Any subsequent annual review of  amounts payable under this supplementary act for such retirants and beneficiaries shall continue to be determined on the basis of the original pension as granted by the retirement system prior to any blanket increase or provision for minimum pension for any group of retirants or beneficiaries eligible for benefits under this supplementary act.

     L.1978, c. 127, s. 7.