New Jersey Statutes Title 43. Pensions and Retirement and Unemployment Compensation 43 § 13-39

Any municipal employee who shall have served either in the employ of a village in a county of the first class continuously or in the aggregate for a period of twenty-five years, who shall have attained the age of sixty years, and who shall have paid his full contributions into the fund since the commencement of said fund or from the date of his employment whichever is the later date, shall upon his own application be retired on half pay.

Any municipal employee who shall have attained the age of seventy years shall be retired forthwith, unless the board of trustees of said village, by resolution annually adopted, shall continue said employee in service. Such employee shall receive a pension equal to two per centum (2%) of his final average salary for each year said employee has served the village, but said pension shall not exceed one-half of his final average salary.