N.J. Admin. Code § 17:5-4.1
Current through Register Vol. 56, No. 23, December 2, 2024
Section 17:5-4.1 - Eligibility for purchase(a) Only active members of the system shall be eligible to make application for purchase of credit. Active members who are not currently contributing to the system must purchase their requested service in a lump sum. The purchase request must represent active service in a State-administered retirement system for which the member received a salary and was eligible for enrollment, but the information must be verified by the employer as to salary information, service, and title.(b) In order to be eligible to purchase service, a member must submit a request to purchase service over the Internet, through a secure account established by the member and using the Purchase Application program of the Member Benefits Online System (MBOS). If eligible to purchase service credit, the member will subsequently receive a letter from the Division quoting the terms of the purchase. 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 43:1-3.N.J. Admin. Code § 17:5-4.1
Amended by 51 N.J.R. 1059(a), effective 6/17/2019