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RM-0018-0909 PO Box 295 Trenton, NJ 08625-0295 PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND TEACHERS' PENSION AND ANNUITY FUND NEW JERSEY DIVISION OF PENSIONS AND BENEFITS APPLICATION FOR RETIREMENT ALLOWANCE.

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Benefit to a Beneficiary The benefit payments continue for your lifetime only. Upon your death, ben- efits end and your survivors do not receive a pension allowance.

Annual Benefit = 54.5 percent X last year or highest 12 months of salary; or At least 35 years of service at age 55 or older. Annual Benefit = Years of Service ÷ 55 X Highest 12 Months of Salary. At least 25 years of service at age 55 or older; or at least 20 years of service at age 60 or older.

The main reason why it would cost more to fund a typical teacher's retirement through a 401(k) is that a pooled pension is simply more efficient than individual investment accounts as a means of financing retirement for a large, multi-generational workforce—as a multitude of studies have shown.

Teachers' Pension and Annuity Fund.

The Tier-To-Tier Transfer Form is to be completed for any vested member who has an inactive pension membership account and wishes to transfer the pension service credit from their inactive vested membership to their current active pension membership in a different tier within the same retirement system.

Under the provisions of Chapter 78, P.L. 2011, PERS and TPAF employee pension contribution rates will increase from 5.5% to 6.5% of salary. An additional increase to be phased over the next 7 years will bring the total pension contribution rate to 7.5% of salary.

A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.

Your contributions are put into the TPAF account until you are eligible to retire. You qualify for full retirement benefits when you are age 65 or older with any amount of service years. For example, if you retire after 30 years of service with a final average salary of $62,000, you will receive $2,818 per month.

* The amount of your annual pension will be equal to 2 percent of your Final Compensation for each year of service. The effective date of retirement is the first day of the month following your 55th birthday.

Taxable Retirement Income Taxable pensions include all state and local government, teachers', and federal pensions, as well as employee pensions and annuities from the private sector and Keogh plans.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232