N.J. Admin. Code § 17:10-2.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:10-2.4 - Optional purchase of eligible service

(a) A member may purchase all, or a portion, of former membership in a New Jersey State-administered retirement system. A member may also purchase service rendered in an office, position, or employment of the State of New Jersey, or of a county, municipality, board of education, or public agency of the State of New Jersey. "Service" means public service rendered for which pension credit is allowed on the basis of contributions made by the State. Public employment covered pursuant to the Defined Contribution Retirement Program is not eligible for purchase.

(b) The cost of the purchase shall be calculated on the basis of the actuarial purchase factor established for the member's age at the time the Division of Pensions and Benefits receives the purchase request multiplied by the member's current annual salary. The member pays only the employee's share of the purchase cost.

(c) The member shall receive non-judicial service credit for any eligible purchase of service other than prior judicial service.

N.J. Admin. Code § 17:10-2.4

New Rule, R.2003 d.296, effective 7/21/2003.
See: 35 New Jersey Register 388(a), 35 New Jersey Register 3381(a).

Amended by 53 N.J.R. 1016(a), effective 6/7/2021

Amended by 55 N.J.R. 2202(a), effective 10/16/2023