N.J. Admin. Code § 17:2-8.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:2-8.3 - Contribution rate

(a) The rate of contribution to the Prosecutors Part of the Public Employees' Retirement System shall be a percent of base salary as established by the Board. The amount of the members' contribution rate shall be established upon recommendation of the actuary using consistent and generally accepted actuarial standards, as established by the Governmental Accounting Standards Board.

(b) The rate of contribution shall be reviewed by the System's actuaries periodically and adjusted by the Board as necessary. The Board shall review the contribution rate at every three-year period as part of the valuation by the PERS System's actuary and whenever the PERS, PFRS, TPAF, or SPRS rate is adjusted by the Legislature. A notice of any change in the rate shall be published through a notice in the New Jersey Register and shall become effective on the date authorized by the Board.

(c) The current rate of contribution for Prosecutors Part members is provided in the Prosecutors Part Addendum to the PERS Member Handbook, provided on the Division of Pensions and Benefits website.

N.J. Admin. Code § 17:2-8.3

Amended by 50 N.J.R. 646(a), effective 1/16/2018