a. A county liable to pay the pension benefits to members of the pension fund pursuant
to the provisions of article 1 of chapter 10 of Title 43 of the Revised Statutes may
elect to provide these prospective retirees, pursuant to subsection b. of this section,
with a retirement benefit equal to 1% per annum after 25 years of service upon their
retirement by the adoption, and submission to the pension commission, of an appropriate
resolution by its board of chosen freeholders.
b. Should a member of the pension fund retire after having attained 60 years of age
and established 25 years of creditable service, the member shall receive, in lieu
of the payment provided in R.S. 43:10-2, a retirement allowance which shall consist of:
(1) An annuity which shall be the actuarial equivalent of the member's aggregate contributions,
(2) A pension in the amount which, when added to the member's annuity, will provide
a total retirement allowance of 50% of final compensation, plus 1% of final compensation
multiplied by the number of years of creditable service over 25.
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