The adjustment in retirement allowances, pensions and survivorship benefits provided for under this act and under section 6 of P.L.1969, c. 169 (C. 43:3B-6) shall commence with retirement allowance, pension and survivorship benefit payments for the month of January 1978, except as hereinafter specified, provided, that there is appropriated the amount certified by the Director of the Division of Pensions to the Director of the Division of Budget and Accounting as set forth in section 4 hereof. In the case of any retirant or beneficiary first becoming eligible to receive an adjustment under the provisions of section 6 of P.L.1969, c. 169 (C. 43:3B-7), such adjustment shall be paid beginning in the 25th month in which he is entitled to receive his retirement allowance pension or survivorship
Free access — add to your briefcase to read the full text and ask questions with AI
The adjustment in retirement allowances, pensions and survivorship benefits provided for under this act and under section 6 of P.L.1969, c. 169 (C. 43:3B-6) shall commence with retirement allowance, pension and survivorship benefit payments for the month of January 1978, except as hereinafter specified, provided, that there is appropriated the amount certified by the Director of the Division of Pensions to the Director of the Division of Budget and Accounting as set forth in section 4 hereof. In the case of any retirant or beneficiary first becoming eligible to receive an adjustment under the provisions of section 6 of P.L.1969, c. 169 (C. 43:3B-7), such adjustment shall be paid beginning in the 25th month in which he is entitled to receive his retirement allowance pension or survivorship benefit. The adjustment in retirement allowances, pensions and survivorship benefits 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 adjustment in retirement allowances, pensions and survivorship benefits shall cease; no further payments shall be made by other employers; refunds shall be made by the Director of the Division of Pensions to all employers of any balances unexpended on their account; and charges shall be certified by the Director of the Division of Pensions to all employers of any amounts which have been paid on behalf of the retirants and beneficiaries of former employees of such employer for which funds have not been paid to the Division of Pensions by the employer. In the event that any such charges are certified, provision for payment shall be made by the employer in the budget for the ensuing fiscal year. L.1958, c. 143, p. 650, s. 5. Amended by L.1971, c. 139, s. 6, eff. May 12, 1971; L.1975, c. 375, s. 4, eff. March 3, 1976; L.1977, c. 306, s. 3, eff. Dec. 27, 1977.