New Jersey Statutes 18A:66-42.1. Increase in retirement allowance under N.J.S.18A:66-42 or N.J.S.18A:66-47
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Terms Used In New Jersey Statutes 18A:66-42.1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
4. The retirement allowance of each retiree under N.J.S.18A:66-42, or the retiree’s beneficiary pursuant to N.J.S.18A:66-47, on the effective date of P.L.2001, c.353 shall be increased from 2/3 to 72.7% of the actual annual compensation for which contributions were being made at the time of the occurrence of the accident. The provisions of section 7 of P.L.1969, c.169 (C. 43:3B-8) shall not be applicable to the increases in retirement allowances provided by this section.
L.2001,c.353,s.4.