(1) CHAPTER 62, P.L. 1994
WAS SIGNED INTO LAW ON JUNE 30, 1994. THE LAW HAD A MAJOR
DOWNWARD IMPACT ON THE RATES.
(2) CHAPTER 113, 114, 115,
P.L. 1997 WAS SIGNED INTO LAW AND IT HAD A POSITIVE IMPACT
ON THE RATES. RATES FOR LOCATIONS WHICH ARE AFFECTED BY
CHAPTER 247 LEGISLATION ARE LOWER AND ABOVE RATE IS NOT APPLICABLE.
(3) CHAPTER 8, P.L. 2000
PROVIDED FUNDING FOR THE ENHANCED BENEFITS PROVIDED TO MEMBERS
BY CHAPTER 428, P.L. 1999, AND ELIMINATES ACCRUED PENSION
LIABILITY FOR LOCAL EMPLOYER FOR 2000 AND 2001.
(4) PENSION SECURITY ACT
CREDIT (SENATE BILL #1961) REDUCED THE NORMAL CONTRIBUTION
BY A TOTAL OF $150 MILLION.
(5) CHAPTER 44, P.L. 2001
PENSION COST STABILIZATION ACT IMPACTED THE RATE.
(6) CHAPTER 108, P.L. 2003
ALLOWS FOR PHASE-IN BASIS WITH 20% OF THE ACTUARIALLY CALCULATED
AMOUNT FOR 2004. THIS APPROACH WILL CONTINUE WITH 40% DUE
IN 2005, 60% DUE IN 2006, 80% DUE IN 2007, UNTIL 100% OF
THE ACTUARIALLY CALCULATED AMOUNT IS DUE IN 2008.
(7) CHAPTER 19, P.L. 2009
ALLOWS FOR A DEFERRAL OF 50% ON NORMAL CONTRIBUTIONS AND ACCRUED LIABILITY. NON CONTRIBUTORY INSURANCE IS NOT SUBJECT TO THE DEFERRAL. THE DEFERRAL AMOUNT WILL BE AMORTIZED FOR 15 YEARS FOR PAYMENTS BEGINNING 2012.
(8) DUE TO A CHANGE BETWEEN VALUATION YEAR AND CONTRIBUTION YEAR FROM THREE YEARS TO TWO YEARS, THE 2012 CONTRIBUTION RATE IS NOW BASED ON 2010 INSTEAD OF 2009. CHAPTER 78, P.L. 2011 SUSPENDED COST-OF-LIVING ADJUSTMENTS (COLA) FOR ALL CURRENT AND FUTURE RETIREES.
(9) RATE CHANGED DUE TO REVISED ECONOMIC ASSUMPTIONS. 8.25% to 7.95%