New Jersey Statutes 43:16A-48. Procedure to effect transfer of membership; accumulated deductions; deductions thereafter
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Terms Used In New Jersey Statutes 43:16A-48
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
On January first following the receipt of said notification and certification, the board of trustees of the State Employees’ Retirement System shall relinquish jurisdiction over each of the persons so certified and shall cause to be remitted to the board of trustees of the Police and Firemen’s Retirement System of New Jersey all accumulated deductions standing to the credit of each of such persons as a member of the former system, together with the pro rata part of the contingent reserve fund applicable to such person‘s account, and the board of trustees of the Police and Firemen’s Retirement System of New Jersey shall assume jurisdiction over such person, and shall enter the respective sums so remitted to it to the credit of such person in the annuity savings fund and to the credit of the pension accumulation fund of the Police and Firemen’s Retirement System of New Jersey and thereafter the employees thereby affected shall be deemed to be members of the Police and Firemen’s Retirement System of New Jersey and deductions from their salaries and contributions on their behalf shall thereafter be made as required by the act creating such system for members thereof having equivalent creditable service and aggregate contributions.
L.1949, c. 273, p. 845, s. 3.