New Jersey Statutes 18A:66-18.1. Payment of pension adjustment benefits
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Terms Used In New Jersey Statutes 18A:66-18.1
- 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.
2. Pension adjustment benefits for members and beneficiaries of the Teachers’ Pension and Annuity Fund as provided by the “Pension Adjustment Act,” P.L.1958, c.143 (C. 43:3B-1 et seq.), shall be paid by the retirement system and shall be funded as employer obligations by the same method provided by law for the funding of employer obligations for the basic retirement benefits provided by the retirement system.
L.1987, c.385, s.2; amended 1992, c.41, s.3; 1993, c.8, s.1; 1994, c.62, s.3; 1997, c.115, s.2; 2002, c.11, s.1; 2007, c.103, s.43.