New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 3 - TEACHERS' PENSION AND ANNUITY FUND
Subchapter 6 - RETIREMENT
Section 17:3-6.26 - Final compensation; biweekly salary computation for employees reported on a biweekly basis

Universal Citation: NJ Admin Code 17:3-6.26

Current through Register Vol. 56, No. 18, September 16, 2024

(a) In computing "final compensation" upon which pension contributions were based, in the case of a 12-month employee reported on a biweekly basis, a total of 78 biweekly pensionable pay periods will be used, including any retroactive salary payments that are attributable to the covered period.

(b) In computing (a) above, the total salary will be adjusted by the factors supplied by the actuary to convert biweekly salaries to compensate for biweekly payroll schedules. Application of the factors to the salaries reported for pension purposes will develop "final compensation."

(c) In computing (a) above in the case of employees reported on a 10-month basis, the total biweekly pay periods will include those pay periods in the third quarter of each year in which the member does not receive a salary. The adjustment as specified in (b) above shall not be made.

(d) If a member was reported on a biweekly basis on any combination of 10-and 12-month contract years, the final average compensation prior to retirement shall be determined on a proportional basis.

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