New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 3 - TEACHERS' PENSION AND ANNUITY FUND
Subchapter 6 - RETIREMENT
Section 17:3-6.20 - Final compensation; 10- and 12-month members reported monthly
Universal Citation: NJ Admin Code 17:3-6.20
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Final compensation for 10- and 12-month members depends on a member's date of enrollment. For members enrolled on or before May 10, 2010:
1. In order to determine the final
compensation (three-year average) for benefits of a member reported on a
monthly basis under a 10-month contract, the creditable salaries upon which
contributions were made to the Fund for the member's final 30 months, or the
highest three fiscal years of pensionable service, including any retroactive
salary payments that are attributable to the covered period and paid as part of
a salary agreement with a group of employees, shall be used.
2. In order to determine the final
compensation (three-year average) for benefits of a member reported on a
monthly basis under a 12-month contract, the creditable salaries upon which
contributions were made to the Fund for the member's last 36 months or the
highest three fiscal years of pensionable service, including any retroactive
salary payments that are attributable to the covered period and paid as part of
a salary agreement with a group of employees, shall be used.
(b) For members enrolled after May 10, 2010:
1. In order to determine the final
compensation (five-year average) for benefits of a member reported on a monthly
basis under a 10-month contract, the creditable salaries upon which
contributions were made to the Fund for the member's final 50 months, or the
highest five fiscal years of pensionable service, including any retroactive
salary payments that are attributable to the covered period and paid as part of
a salary agreement with a group of employees, shall be used.
2. In order to determine the final
compensation (five-year average) for benefits of a member reported on a monthly
basis under a 12-month contract, the creditable salaries upon which
contributions were made to the Fund for the member's last 60 months or the
highest five fiscal years of pensionable service, including any retroactive
salary payments that are attributable to the covered period and paid as part of
a salary agreement with a group of employees, shall be used.
(c) If a member was reported on any combination of 10- and 12-month contract years in such three-year period, for members enrolled on or before May 10, 2010, or such five-year period, for members enrolled after May 10, 2010, the final average compensation shall be determined on a proportional basis.
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