State Codes and Statutes

Statutes > New-jersey > Title-43 > Section-43-10 > 43-10-18-76

43:10-18.76.  Increase in pension; formula; waiver     (a)  Subject, however, to the provisions of subsection (d) of this section,  the pension being received by any retired member shall be increased in  accordance with the following formula:

   (1)  The first $480.00 of the pension shall be increased in accordance with  the  "ratio of increase"  formula in subsection (b) of this section if the  retired member shall have established 20 years of service credit prior to retirement, or shall have been retired for service-connected disability.

   (2)  If the retired member shall have established less than 20 years of service credit prior to retirement and shall not have been retired for service-connected disability, the first $480.00 of the pension shall be increased in accordance with the  "ratio of increase"  formula, except that this increase shall be in the same proportion to the increase provided under the  "ratio of increase" formula as to the number of years.

   The determination as to those who retired for service-connected disability as distinguished from those who retired for nonservice-connected disability will be made by the pension commission established under the act to which this act is amendatory and supplementary.

   Nothing in this act shall be construed as providing for an increase in the pension or other benefits payable to the beneficiaries of any retired member.

   (b)  The  "ratio of increase"  which shall apply to the pension being received by a retired member shall be calculated in accordance with the following percentages as determined by the calendar year in which the retirement became effective.

                    Year of                 Ratio of

                     Retirement               Increase

  

                      1935                     96%

                        1936                    100%

                        1937                     98%

                        1938                     95%

                        1939                     94%

                        1940                     93%

                        1941                     90%

                        1942                     85%

                        1943                     78%

                        1944                     69%

                        1945                     62%

                        1946                     53%

                        1947                     43%

                        1948                     34%

                        1949                     26%

                        1950                     19%

                        1951                     13%

  

   (c)  The pension commission shall certify annually to the county the amount  necessary to provide for the cost of the increases in pensions provided by this  section.

   (d)  The increase in pensions provided for under this section shall commence  with pension payments for the month of July, 1966 provided that there is  appropriated the amount certified by the pension commission to the county as  set forth in subsection (c) of this section.  The increase in pension shall  continue to be paid as long as there shall be appropriated the amounts so  certified.  In the event that the necessary funds are not so appropriated the  increase in pensions will cease.

   (e)  Any retired member who is eligible to receive the increased pension under the provisions of this section may, at any time, waive his right thereto by filing a written notice of waiver with the pension commission. Such waiver may be withdrawn at any time and upon such withdrawal the increase in the pension shall commence with the pension payment for the next following month.

   L.1966, c. 210, s. 10.