New Jersey Statutes

§ 43:18-15 — Payment of pensions; retirement; death; incapacity

New Jersey·Title 43 PENSIONS AND RETIREMENT AND UNEMPLOYMENT COMPENSATION
Pensions shall be paid from such fund in following manner: I. In all cities of this state in which this chapter is or shall hereafter become operative, every employee and officer, as defined in section 43:18-7 of this title, who shall have honorably served therein for twenty-five years continuously, and who is a member of said pension fund corporation, and who has paid all the dues and assessments levied and provided for by the statutes of New Jersey governing said corporation and the by-laws of said corporation, and who shall have attained the age of fifty-five years, shall upon application to the local board or department of health of such city, be retired by such board and shall thereupon receive from such pension fund, an amount, annually, equal to one-half of the average salary receiv

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