New Jersey Statutes 15A:8-3. Amendment or termination of plans
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Terms Used In New Jersey Statutes 15A:8-3
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
Unless otherwise provided in the plan, the board may amend or terminate any plan described in section 15A:8-1 An amendment or termination of any plan shall not impair any rights which have accrued under the plan or deprive any employee or beneficiary of the employee of the equivalent in cash or other benefits of the contributions of the employee under the plan.
L.1983, c. 127, s. 15A:8-3, eff. Oct. 1, 1983.