Section 18A:66-126.7 - Blanket increase in original or minimum pensions; adjustment of payments under this act

NJ Rev Stat § 18A:66-126.7 (2019) (N/A)

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18A:66-126.7. Blanket increase in original or minimum pensions; adjustment of payments under this act

If legislation is adopted providing for a blanket increase in the original retirement allowances or for minimum allowances to any group of retirants eligible for benefits under this act, all increases provided under this supplementary act shall be terminated on the first of the month when such blanket increases or minimum allowances are payable, except in those instances where the retirant's original allowance plus the increases provided under this act will exceed the amounts payable to such retirants as a result of such other legislation; in such event the amount payable under this act shall be the difference between the new allowance payable by the retirement system and the amount which would otherwise have been paid under this act. Any subsequent annual review of amounts payable under this act for such retirants shall continue to be determined on the basis of the original allowance as granted by the retirement system prior to any blanket increase or provision for minimum allowance for any group of retirants eligible for benefits under this act.

L.1971, c. 278, s. 7.

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Section 18A:66-126.6 - Adjustment of retirement allowances

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Section 18A:66-126.8 - Director of division of pensions; rules and regulations; reports