Your paycheck is shrinking - Sept. 1, 2011

8. N.J.S.18A:66-29 is amended to read as follows:
6 18A:66-29. Members enrolled in the retirement system on or
7 after July 1, 1994 shall contribute 5% of compensation to the
8 system. Members enrolled in the system prior to July 1, 1994 shall
9 contribute 5% of compensation to the system effective with the
10 payroll period for which the beginning date is closest to July 1,
11 1995, provided, however, that any member enrolled before July 1,
12 1994, whose full contribution rate under the system prior to the
13 revisions by this act was less than 6%, shall pay 4% of
14 compensation to the system effective with the payroll period for
15 which the beginning date is closest to July 1, 1995, and 5% of
16 compensation to the system effective with the payroll period for
17 which the beginning date is closest to July 1, 1996.
18 Members enrolled in the retirement system on or after July 1,
19 2007 shall contribute 5.5% of compensation to the system.
20 Members enrolled in the system prior to July 1, 2007 shall
21 contribute 5.5% of compensation to the system effective with the
22 payroll period for which the beginning date is closest to July 1,
23 2007.
24 Members of the retirement system shall contribute 6.5% of
25 compensation to the system on and after the effective date of P.L. ,
26 c. (pending before the Legislature as this bill), with an additional
27 contribution of 1% to be phased-in in equal increments over a
28 period of seven years commencing with the first year following that
29 effective date.
30 (cf: P.L.2007, c.103, s.1)
31
32 9. Section 26 of P.L.1981, c.470 (C.43:6A-34.1) is amended to
33 read as follows:
34 26. a. The annuity savings fund shall be the fund to which shall
35 be credited aggregate contributions made by members or on their
36 behalf to provide for their allowances. The aggregate contributions
37 of a member withdrawn by him or paid to his estate or his
38 designated beneficiary in the event of death as provided by this
39 amendatory and supplementary act shall be paid from the annuity
40 savings fund. Upon the retirement of a member where the aggregate
41 contributions of the member are to be provided in the form of an
42 annuity, the aggregate contributions of the member shall be
43 transferred from the annuity savings fund to the retirement reserve
44 fund.
45 b. There shall be deducted from the payroll of each member of
46 the system 3% of the amount of any difference between the salary
47 on or after January 19, 1982 for any judicial position held by the
48 member and the salary for that position on January 18, 1982, except