N.J. Admin. Code § 17:3-6.26

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

Section 17:3-6.26 - Final compensation; biweekly 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 78 biweekly pensionable pay periods will be used, including any retroactive salary payments that are 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."

(c) In computing (a) above in the case of employees reported on a 10-month basis, the total biweekly pay periods will include those pay periods in the third quarter of each year in which the member does not receive a salary. The adjustment as specified in (b) above shall not be made.

(d) If a member was reported on a biweekly basis on any combination of 10-and 12-month contract years, the final average compensation prior to retirement shall be determined on a proportional basis.

N.J. Admin. Code § 17:3-6.26

R.1974 d.24, effective 1/31/1974.
See: 5 New Jersey Register 426(d), 6 New Jersey Register 124(a).
As amended, R.1978 d.104, effective 3/21/1978.
See: 10 New Jersey Register 37(c), 10 New Jersey Register 176(a).
Amended by R.2002 d.352, effective 11/4/2002.
See: 34 New Jersey Register 1997(a), 34 New Jersey Register 3782(c).
Rewrote (a); in (b), deleted "State" preceding "biweekly"; in (c), deleted "state" preceding "employees" and substituted "pay periods" for "pays"; in (d), deleted the last sentence.