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Current as of January 01, 2024 | Updated by Findlaw Staff
Members enrolled in the retirement system on or after July 1, 1994 shall contribute 5% of compensation to the system. Members enrolled in the system prior to July 1, 1994 shall contribute 5% of compensation to the system effective with the payroll period for which the beginning date is closest to July 1, 1995, provided, however, that any member enrolled before July 1, 1994, whose full contribution rate under the system prior to the revisions by this act was less than 6%, shall pay 4% of compensation to the system effective with the payroll period for which the beginning date is closest to July 1, 1995, and 5% of compensation to the system effective with the payroll period for which the beginning date is closest to July 1, 1996.
Members enrolled in the retirement system on or after July 1, 2007 shall contribute 5.5% of compensation to the system. Members enrolled in the system prior to July 1, 2007 shall contribute 5.5% of compensation to the system effective with the payroll period for which the beginning date is closest to July 1, 2007.
Members of the retirement system shall contribute 6.5% of compensation to the system on and after the effective date of P.L.2011, c. 78, with an additional contribution of 1% to be phased-in in equal increments over a period of seven years commencing with the first year following that effective date.
Cite this article: FindLaw.com - New Jersey Statutes Title 18A. Education 18A § 66-29 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-18a-education/nj-st-sect-18a-66-29/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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