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2022 New Jersey Revised Statutes
Title 18A - Education
Section 18A:66-71.2 - Increase in retirement allowance under subsection a. of N.J.S.18A:66-71 and N.J.S.18A:66-47.
Universal Citation:
NJ Rev Stat § 18A:66-71.2 (2022)
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18A:66-71.2 Increase in retirement allowance under subsection a. of N.J.S.18A:66-71 and N.J.S.18A:66-47.
7. The retirement allowance of each retiree under subsection a. of N.J.S.18A:66-71, or the retiree's beneficiary pursuant to N.J.S.18A:66-47, 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.
L.2001,c.353,s.7.
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