New_jersey Statute | Act | Code |Title 43 Pensions And Retirement And Unemployment Compensation| US Code - US Statute

43:8A-1. Definitions The following words and phrases as used in this act unless a different meaning is plainly required by the context shall have the following meanings: (1) ~Pension fund~ shall mean the alcoholic beverage control law enforcement officers@ pension fund as defined in section 2 of this act. (2) ~Law enforcement officer~ shall mean any permanent and full-time active employee of the Division of Alcoholic Beverage Control in the Department of Law and Public Safety of the State of New Jersey having the power of arrest. (3) ~Member~ shall mean any law enforcement officer included in the membership of the pension fund as provided in section 3 of this act. (4) ~Present entrant~ shall mean any member who, prior to the date of the establishment of this pension fund, has been permanently appointed as a law enforcement officer or has received a temporary appointment as a law enforcement officer prior to qualifying for permanent appointment. (5) ~New entrant~ shall mean any member who, on or after the date of establishment of this pension fund, is permanently appointed as a law enforcement officer or receives a temporary appointment as a law enforcement officer prior to qualifying for permanent appointment. (6) ~Board of trustees~ or ~board~ shall mean the board provided for in section 5 of this act to administer the pension fund. (7) ~Medical board~ shall mean the board of physicians provided for in section 5 of this act. (8) ~Employer~ shall mean said Division of Alcoholic Beverage Control. (9) ~Service~ shall mean service as a law enforcement officer paid for by the employer, including military and other authorized leave of absence without pay. (10) ~Creditable service~ shall mean service rendered while a member, or before becoming a member, of the pension fund, for which credit is allowed as provided under section 4 of this act. (11) ~Regular interest~ shall mean interest as determined from time to time by the board of trustees under the provisions of section 5, subsection 14 of this act. (12) ~Aggregate contributions~ shall mean the sum of the amounts deducted from a member@s salary and credited to his account in the annuity savings fund. (13) ~Annuity~ shall mean payments for life derived from the aggregate contributions of a member. All annuities shall be paid in equal monthly installments. (14) ~Pension~ shall mean payments for life derived from contributions by the employer. All pensions shall be paid in equal monthly installments. (15) ~Retirement allowance~ shall mean the sum of the pension and annuity, if any. (16) ~Earnable compensation~ shall mean the full rate of the salary that would be payable to an employee if he worked the full normal working time for his position. In cases where salary includes maintenance, the board of trustees shall fix the value of the part of the salary not paid in money which shall be considered under this act. (17) ~Average final compensation~ shall mean the average annual earnable salary of an employee during his last 5 years of service as an employee or if he had less than 5 years of service, then his average earnable salary for his total service. (18) ~Retirement~ shall mean withdrawal from active service with a retirement allowance granted under the provisions of this act. (19) ~Annuity reserve~ shall mean the present value of all payments to be made on account of any annuity or benefit in lieu of any annuity computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. (20) ~Pension reserve~ shall mean the present value of all payments to be made on account of any pension or benefit in lieu of any pension computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. (21) ~Actuarial equivalent~ shall mean a benefit of equal value when computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest. (22) ~Beneficiary~ shall mean any person receiving a retirement allowance or other benefit as provided by this act. (23) ~Division of Alcoholic Beverage Control~ shall mean the Division of Alcoholic Beverage Control of the Department of Law and Public Safety of the State of New Jersey, and its predecessor, the Department of Alcoholic Beverage Control of the State of New Jersey. (24) ~Permanent appointment~ shall mean an appointment to continue during good behavior without limit as to time or duration. L.1953, c. 423, p. 2122, s. 1. Amended by L.1954, c. 200, p. 753, s. 1.

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