N.J. Stat. § 43:15A-61.2
Current through L. 2024, c. 80.
The retirement allowance of each retiree under subsection b. of section 61 of P.L. 1954, c.84 (C.43:15A-61), or the retiree's beneficiary pursuant to section 50 of P.L. 1954, c.84 (C.43:15A-50), on the effective date of P.L. 2001, c. 353 shall be increased from 50% to 54.5% of the compensation for which contributions were made during the 12-month period of membership providing the largest possible benefit to the member or the member's beneficiary. The provisions of section 7 of P.L. 1969, c.169 (C.43:3B-8) shall not be applicable to the increases in retirement allowances provided by this section.
N.J.S. § 43:15A-61.2