New Jersey Statutes|Section 43:10-18.76: Increase in pension; formula; waiver

                                                
  (a) Subject, however, to the provisions of subsection (d) of this section, the pension being received by any retired member shall be increased in accordance with the following formula: 
 
 (1) The first $480.00 of the pension shall be increased in accordance with the "ratio of increase" formula in subsection (b) of this section if the retired member shall have established 20 years of service credit prior to retirement, or shall have been retired for service-connected disability. 
 
 (2) If the retired member shall have established less than 20 years of service credit prior to retirement and shall not have been retired for service-connected disability, the first $480.00 of the pension shall be increased in accordance with the "ratio of increase" formula, except that this increase shall be in the same proportion to the increase provided under the "ratio of increase" formula as to the number of years. 
 
 The determination as to those who retired for service-connected disability as distinguished from those who retired for nonservice-connected disability will be made by the pension commission established under the act to which this act is amendatory and supplementary. 
 
 Nothing in this act shall be construed as providing for an increase in the pension or other benefits payable to the beneficiaries of any retired member. 
 
 (b) The "ratio of increase" which shall apply to the pension being received by a retired member shall be calculated in accordance with the following percentages as determined by the calendar year in which the retirement became effective. 
 
 Year of Ratio of 
 
 Retirement Increase 
 
 
 
 1935 96\% 
 
 1936 100\% 
 
 1937 98\% 
 
 1938 95\% 
 
 1939 94\% 
 
 1940 93\% 
 
 1941 90\% 
 
 1942 85\% 
 
 1943 78\% 
 
 1944 69\% 
 
 1945 62\% 
 
 1946 53\% 
 
 1947 43\% 
 
 1948 34\% 
 
 1949 26\% 
 
 1950 19\% 
 
 1951 13\% 
 
 
 
 (c) The pension commission shall certify annually to the county the amount necessary to provide for the cost of the increases in pensions provided by this section. 
 
 (d) The increase in pensions provided for under this section shall commence with pension payments for the month of July, 1966 provided that there is appropriated the amount certified by the pension commission to the county as set forth in subsection (c) of this section. The increase in pension shall continue to be paid as long as there shall be appropriated the amounts so certified. In the event that the necessary funds are not so appropriated the increase in pensions will cease. 
 
 (e) Any retired member who is eligible to receive the increased pension under the provisions of this section may, at any time, waive his right thereto by filing a written notice of waiver with the pension commission. Such waiver may be withdrawn at any time and upon such withdrawal the increase in the pension shall commence with the pension payment for the next following month. 
 
 L.1966, c. 210, s. 10.