N.J. Admin. Code § 17:4-6.9

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

Section 17:4-6.9 - Final compensation

(a) In order to determine the final compensation for benefits on a:

1. Member reported on a monthly basis, use the base salary upon which pension contributions were made to the Annuity Savings Fund for the member's last 12 months of service.

2. Member reported on a biweekly basis, use the base salary upon which pension contributions were made to the Annuity Savings Fund for the member's last 26 pay periods of service multiplied by the factor supplied by the actuary to compensate for biweekly payroll schedules.

(b) The months or pay periods for which no contributions were made shall not be used in the calculation.

(c) An employee who is enrolled on or after May 21, 2010 will have final compensation based on the average annual compensation for the last three years of service, or any three fiscal years of membership that provide the largest possible benefit to the member or the member's beneficiary.

N.J. Admin. Code § 17:4-6.9

Amended by R.2001 d.66, effective 2/20/2001.
See: 32 N.J.R. 4060(a), 33 N.J.R. 684(a).
Rewrote section.
Amended by R.2011 d.235, effective 9/6/2011.
See: 43 N.J.R. 1177(a), 43 N.J.R. 2364(b).
Added (c).