43:7-7 - Retirement of certain prison officers; amount - New Jersey Statutes

43:7-7.  Retirement of certain prison officers;  amount
    a.  Hereafter, any such prison officer, as hereinafter set forth, who shall  have served in the employ of the State of New Jersey continuously, or in the  aggregate, for a period of 20 years, and who shall have attained the age of 55  years, shall, upon his own application, be retired on one-half pay, or 2% of  his average final compensation multiplied by the number of years of his  creditable service up to 30 plus 1% of his average final compensation multiplied by the number of years of creditable service in excess of 30 years rendered prior to his reaching age 65, whichever is greater.

    b.  A prison officer who is an active member of the pension fund and who has  established credit in the pension fund for 10 or more years of service, but  shall not have attained the age of 55 years, may, on his own application, be  retired and apply for a deferred pension.  Upon attainment of 55 years of age,  he shall be entitled to a pension in the amount of 2% of his average final  compensation multiplied by the number of years of his creditable service up to  30 plus 1% of his average final compensation multiplied by the number of years  of creditable service in excess of 30 years.

     L.1941, c. 220, p. 629, s. 1.  Amended by L.1969, c. 56, s. 1, eff. May 21, 1969;  L.1973, c. 155, s. 1, eff. June 1, 1973;  L.1981, c. 177, s. 3, eff. June 19, 1981.