New Jersey Statutes Title 43. Pensions and Retirement and Unemployment Compensation 43 § 16A-5

(a) An annuity which shall be the actuarial equivalent of his aggregate contributions and

(b) A pension in the amount which, when added to the member's annuity, will provide a total retirement allowance of one-sixtieth of his average final compensation multiplied by the number of years of his creditable service, or 2% of his average final compensation multiplied by the number of years of his creditable service up to 30 plus 1% of his average final compensation multiplied by the number of years of creditable service over 30, or 50% of his final compensation if the member has established 20 or more years of creditable service, whichever is greater.

(3)(a) Any member of the retirement system as of the effective date of P.L.1999, c. 428 1 who has 20 or more years of creditable service at the time of retirement shall be entitled to receive a retirement allowance equal to 50% of the member's final compensation plus, in the case of a member required to retire pursuant to the provisions of subsection (1) of this section, 3% of final compensation multiplied by the number of years of creditable service over 20 but not over 25.

(b) Any member of the retirement system who was enrolled prior to the effective date of P.L.2021, c. 52 2 and who is a member on that effective date may retire on or after the effective date of P.L.2021, c. 52 but no later than the first day of the 61st month following that effective date on a service retirement allowance, regardless of age, upon attaining 20 or more years of creditable service and shall be entitled to receive a service retirement allowance equal to 50% of the member's final compensation.