New Jersey § 43:8B-5 Maximum pensions

New Jersey Statutes

§ 43:8B-5 — Maximum pensions

New Jersey § 43:8B-5

Title 43PENSIONS AND RETIREMENT AND UNEMPLOYMENT COMPENSATION

This text of New Jersey § 43:8B-5 (Maximum pensions) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 43:8B-5 (2026).

Text

The amount of pension granted under this act shall be fixed by the employer according to uniform percentages of final average salary applicable generally to all employees of such employer subject to the provisions of this act, which percentages shall be adopted by resolution and shall not exceed:

(a)30% of the employee's final average salary, if he has been employed by the employer for less than 20 years; or (b) 50% of the employee's final average salary, if he has been employed by the employer for 20 years or more; provided, however, that in the case of an employee having 35 or more years of public employment and being age 65, or having 40 or more years of public employment, the percentage shall not be less than 25% of his final average salary. No employee shall be eligible for pension b

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The amount of pension granted under this act shall be fixed by the employer according to uniform percentages of final average salary applicable generally to all employees of such employer subject to the provisions of this act, which percentages shall be adopted by resolution and shall not exceed: (a) 30% of the employee's final average salary, if he has been employed by the employer for less than 20 years; or (b) 50% of the employee's final average salary, if he has been employed by the employer for 20 years or more; provided, however, that in the case of an employee having 35 or more years of public employment and being age 65, or having 40 or more years of public employment, the percentage shall not be less than 25% of his final average salary. No employee shall be eligible for pension benefits based upon disability hereunder unless he shall have at least five years of employment continuously, or in the aggregate, with the employer. No employee shall be eligible for pension benefits other than benefits based upon disability hereunder unless he shall have at least 15 years of employment continuously, or in the aggregate, with the employer. L. 1955, c. 263, p. 981, s. 5. Amended by L. 1957, c. 29, p. 56, s. 1; L. 1986, c. 122, s. 1, eff. Oct. 8, 1986.