New Jersey Statutes 18A:66-2.1. Teachers; membership in Teachers’ Pension and Annuity Fund
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Terms Used In New Jersey Statutes 18A:66-2.1
- 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.
Any individual in the categories specified in section 1 p. of this act, who was a member of the Teachers’ Pension and Annuity Fund on December 11, 1975, shall be considered to be in continuous membership in that system.
L.1976, c. 53, s. 2, eff. July 22, 1976.