43:16A-65 - Deductions; contributions; credits - New Jersey Statutes

43:16A-65.  Deductions;  contributions;  credits
    The transferred employees thereby affected shall be members of the Police and Firemen's Retirement System and deductions from their salaries and contributions on their behalf shall thereafter be made as required by the act creating such system for members thereof.  Such transferred employees shall have the same contribution obligation and enjoy the same rights and benefits of  all other members of the system except as provided by this 1975 amendatory and  supplementary act.  Any credit for public service which had been established in  the Public Employees' Retirement System or a county pension fund by the  transferred employee shall be established in the Police and Firemen's  Retirement System.

    Upon the transfer of membership to the Police and Firemen's Retirement System under the provisions of this 1975 amendatory and supplementary act, the rate of contribution of such member shall be determined by the rates payable by  other members, except that the number of years of credited service in the former pension fund shall be deducted from the member's current age in order to  fix the age upon which the rate of contribution is based.

    All outstanding obligations such as loans, purchases, and other arrearages shall be met by the transferred employees as previously scheduled for payment to the Public Employees' Retirement System or a county pension fund.

     L.1973, c. 156, s. 6, eff. June 1, 1973.  Amended by L.1975, c. 303, s. 3, eff. Feb. 2, 1976.