43:3B-8 - Blanket increase; termination of other increases; review of amounts - New Jersey Statutes

43:3B-8.  Blanket increase;  termination of other increases;  review of amounts
    If legislation is adopted providing for a blanket increase in original retirement allowances, survivorship benefits or pensions or for minimum allowances, benefits or pensions to any group of retirants or beneficiaries eligible for benefits under the Pension Increase Act, other than legislation which was enacted prior to 1971, all increases provided under this 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, determined annually as provided under the Pension Increase Act, will exceed the amounts payable to such retirants or beneficiaries as a result of such other legislation;  in such  event the amount payable under the Pension Increase Act shall thereafter be the  difference between the new allowance or pension payable by the respective  retirement system and the amount which would otherwise have been paid under  this act.

     L.1969, c. 169, s. 7.  Amended by L.1969, c. 230, s. 1, eff. Dec. 9, 1969; L.1971, c. 139, s. 9, eff. May 12, 1971.