43:13-22.49e - Retirement after 60; benefits - New Jersey Statutes

43:13-22.49e.  Retirement after 60;  benefits    a.  A member who shall have attained 60 years, upon retirement from service  as an elected official of the city, shall receive a pension equal to 3% of  final compensation as an elected official of the city for each year of creditable service as such an official.  In no event shall the pension payable under this section exceed two-thirds of final compensation.

    b.  The death benefit provided in section 18 of P.L.1954, c. 218 (C. 43:13-22.20) shall apply in the case of any member retiring under the provisions of this section.

    c.  No member shall be eligible to retire pursuant to this section until he  has terminated all public service covered by the retirement system.

     L.1981, c. 565, s. 5, eff. Jan. 12, 1982.