N.J. Admin. Code § 17:2-6.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:2-6.3 - Effective dates; change

(a) Except as provided by N.J.A.C. 17:2-6.1 and 6.7, a member shall have the right to withdraw, cancel, or change an application for retirement at any time before the member's retirement allowance becomes due and payable through MBOS or by sending a written request signed by the member. Thereafter, the retirement shall stand as approved by the Board.

(b) If a member requests a change of retirement date or option selection before the member's retirement allowance becomes due and payable, said change will require approval of the Board and the revised retirement allowance shall not become due and payable until 30 days have elapsed following the effective date or the date the Board met and approved the change in the member's retirement application, whichever is later.

(c) The effective date of a deferred retirement is determined by a member's enrollment date:

1. For members who enrolled in the PERS prior to November 2, 2008, and submit an application for deferred retirement, a deferred retirement shall become effective on the first of the month following the member's 60th birthday. Should the member's birthday fall on the first of the month, the member may elect the retirement to commence on that date, provided that an application is received by the Division in accordance with N.J.A.C. 17:2-6.1;

2. For members who enrolled in the PERS between November 2, 2008 and June 27, 2011, and submit an application for deferred retirement, a deferred retirement shall become effective on the first of the month following the member's 62nd birthday. Should the member's 62nd birthday fall on the first of the month, the member may elect for the retirement to commence on that date, provided that an application is received by the Division in accordance with N.J.A.C. 17:2-6.1; and

3. For members who enrolled in the PERS after June 28, 2011, and submit an application for deferred retirement, a deferred retirement shall become effective on the first of the month following the member's 65th birthday. Should the member's 65th birthday fall on the first of the month, the member may elect for the retirement to commence on that date, provided that an application is received by the Division in accordance with N.J.A.C. 17:2-6.1.

(d) Should the member continue to receive a salary beyond the effective date of retirement, no retirement benefits shall be paid for the period where the member received salary and no salary or service credit shall be provided for the service rendered after the effective date of retirement. This restriction also applies to payments of accrued sick or vacation time that is paid in periodic payments on the employer's regular payroll schedule.

N.J. Admin. Code § 17:2-6.3

Amended by 50 N.J.R. 646(a), effective 1/16/2018