N.J. Admin. Code § 17:4-5.1

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

Section 17:4-5.1 - Eligibility for purchase

(a) Only active members of the System shall be eligible to make application for the purchase of credit. Active members who are not currently contributing to the Retirement System must purchase their requested service in a lump sum.

(b) In order to be eligible to purchase service, a member must submit a request to purchase such service and such purchase must be authorized by the member before the expiration date indicated on the purchase cost quotation letter, which quotes the terms of the purchase. If the purchase cost quotation expires prior to authorization and subsequently the member requests the purchase of such service, the purchase cost will be subject to recalculation based upon all cost factors in effect at the time of the new purchase request.

(c) Upon denial of a purchase, the member may subsequently resolve the basis of the denial and request the Division to resubmit the purchase request. The purchase cost will be subject to the calculation based on all cost factors in effect at the time of the resubmitted purchase request.

(d) The receipt of a public pension or retirement benefit is expressly conditioned upon the rendering of honorable service by a public officer or employee. Therefore, the Board shall disallow the purchase of all or a portion of former service it deems to be dishonorable in accordance with N.J.S.A. 43:1-3c.

N.J. Admin. Code § 17:4-5.1

Amended by R.2000 d.294, effective 7/17/2000.
See: 32 N.J.R. 1321(a), 32 N.J.R. 2600(a).
Rewrote (a) and (b); and added (c).
Amended by R.2011 d.235, effective 9/6/2011.
See: 43 N.J.R. 1177(a), 43 N.J.R. 2364(b).
Rewrote (b); added new (c); recodified former (c) as (d); and in (d), deleted "of Trustees" following "Board", and substituted "43:1-3c" for "43:1-3".