N.J. Admin. Code § 17:5-3.1

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

Section 17:5-3.1 - Creditable salary

(a) "Creditable compensation" or the phrase "compensation upon which contributions by the member to the Annuity Savings Fund were based" shall be limited to base salary that is in accordance with established salary policies of the State for all employees in the same position but shall not include individual salary adjustments that are granted primarily in anticipation of the member's retirement or additional remuneration for performing temporary duties beyond the regular workday or shift.

(b) Bonus or overtime payments are not to be considered for such purpose.

(c) Payments made in a lump sum, stipend, or other than as a regular salary disbursement will not be considered.

(d) With respect to all claims for benefits, the Division shall investigate increases in compensation reported for credit which exceed reasonably anticipated annual compensation increases for members of the retirement system based upon consideration of the Consumer Price Index for the time period of the increases, the table of assumed salary increases recommended by the actuary and adopted by the Board, and the annual percentage increases of salaries as indicated in data from the Public Employment Relations Commission, or through other reliable industry sources of information regarding average annual salary increases. Those cases where a violation of the statute or rules is suspected shall be referred to the Board.

N.J. Admin. Code § 17:5-3.1

Amended by 51 N.J.R. 1059(a), effective 6/17/2019