N.J. Admin. Code § 17:4-6.16

Current through Register Vol. 56, No. 19, October 7, 2024

Section 17:4-6.16 - Final compensation; salary computation for employees reported on a biweekly basis

(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 26 biweekly pays will be used, including any retroactive salary payments 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."

Amended by R.2001 d.66, effective 2/20/2001.
See: 32 New Jersey Register 4060(a), 33 New Jersey Register 684(a).
In (a), deleted "average" preceding "final compensation" and "State" following "12-month", substituted "26" for "78" and "attributable to the covered" for "made within the prescribed"; deleted (c) and (d).