43:6A-10 - Early retirement; 5 or more years of service with additional public service of 20 or more years; amount of pension - New Jersey Statutes

43:6A-10.  Early retirement;  5 or more years of service with additional public service of 20 or more years;  amount of pension
    Should any member resign, or fail of reappointment who shall have served at  least 5 years successively as a judge of the several courts and at least 25  years in the aggregate, including such service as a judge or in office, position, or employment of this State or a county, municipality, board of education, or public agency of this State, before reaching age 60, he may elect   "early"  retirement, provided, that such election is communicated by such  member to the retirement system by filing a written application, duly attested,  stating at what time subsequent to the execution and filing thereof he desires  to be retired.  He shall receive an annuity which is the actuarial equivalent  of his accumulated deductions together with regular interest, and a pension  which, when added to the member's annuity, will provide a retirement allowance  in the amount of 2% of his final salary multiplied by his number of years of  service up to 25 plus 1% of his final salary multiplied by his number of years  of service over 25;  provided, however, that such retirement allowance shall be  reduced in accordance with a table of actuarial equivalents recommended by the  actuary and adopted by the retirement system reflecting all months that the  member lacks of being age 60.

    The State House Commission shall retire him at the time specified or at such  other time within 1 month after the date so specified as the commission finds  advisable.

     L.1973, c. 140, s. 10, eff. May 22, 1973.  Amended by L.1981, c. 470, s. 4, eff. Jan. 19, 1982.