43:13-22.37 - New members; retirement for age and service - New Jersey Statutes

43:13-22.37.  New members;  retirement for age and service
    Any person who, after the enactment of this act, becomes a permanent employee of the city and becomes a member of this retirement system and shall have served in the employ of the city in the aggregate for a period of at least  25 years, and who shall have attained the age of 70 years, shall be retired on  a pension equal to one-half of the salary he is receiving at the time of his  retirement, and for each year of service beyond 30 years and up to 40 years,  the retiring employee shall for each additional year of service receive an  additional pension of 2  1/2  % of the salary received by him at the time of  his retirement;  provided, however, that no pension shall exceed three-quarters  of the annual salary received by the said employee, nor shall any pension  exceed the sum of $12,000.00 per annum.

     L.1954, c. 218, p. 830, s. 35.  Amended by L.1966, c. 252, s. 5, eff. Aug. 25,  1966;  L.1975, c. 108, s. 6, eff. June 3, 1975.