Important notice correcting information
published in the February issue of
NJ Cops Magazine
In the February issue, NJ Cops Magazine reporters mis-
takenly wrote that our members will receive an enhanced
pension benefit. The information printed on page 48 re-
ported that our members will receive 70 percent of salary
after 25 years of service in the pension system.
Here is the correct information:
Tier 1 members with 25 years of service may qualify for
a special retirement in which the member, regardless of
age, may retire with 65 percent of Final Compensation. Fi-
nal Compensation means the salary upon which pension
contributions were based in the final 12 months of credit-
able service preceding retirement. If a member chooses to
stay after 25 years of service, then the member will receive
1 percent for each year of service after 25 years, up to a
maximum of 70 percent not to exceed 30 years of service.
If a member decided to stay 29 years, that member would
be eligible for 69 percent of compensation for the final 12
months of salary.
The Tier 2 Annual Benefit for a Special Retirement (25
years of service) is 65 percent of Final Compensation plus
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NEW JERSEY COPS
■ MARCH 2017
1 percent for each year of creditable service over 25 years
but not to exceed 30 years. The maximum allowance is 70
percent of final compensation.
The Tier 3 Annual Benefit for a Special Retirement (25
years of service) is 60 percent of Final Compensation plus
1 percent for each year of creditable service over 25 years
but not to exceed 30 years. The maximum allowance is 65
percent of final compensation.
Final Compensation for Tier 2 and Tier 3 is different than
Tier 1 members. Final Compensation for Tier 2 and Tier 3
members means the average salary upon which pension
contributions were based for any three fiscal years of mem-
bership preceding retirement that provides the largest pos-
sible benefit possible.
I would like to thank members who called the State PBA
office and sent emails to advise us that the information
Christopher Gray and I correctly presented at the Collec-
tive Bargaining Seminar was mistakenly reported by the NJ
Cops Magazine staff. Please call or email me at the NJSPBA
office if you have any questions.