New Jersey Statutes 43:10-5.3. Employee with one year of service; death benefits; deferred pension; payment
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 43:10-5.3
- 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
11. If any member of the pension fund who shall have paid into the fund the full amount of his or her assessments or contributions and been in the county services for a period of at least 1 year, dies, 2 1/2 % of the salary received by such person shall be paid each year to the surviving spouse or minor children, as the case may be, and for each additional year of service more than 1 year, the amount of the pension shall be increased to the extent of 2 1/2 % of the salary, but not to exceed in any event 50% thereof.
If any member of the pension fund who shall have deferred his pension under the provisions of R.S.43:10-2, dies before receiving any benefits, the pension shall be payable to the surviving spouse or children, as the case may be, and shall be based on the amount of salary earned and years of service which the member had at the time of deferral.
In no event shall the amount of any pension payable pursuant to the provisions of this section be less than $3,000 per annum.
L.1973,c.345,s.11; amended 1976,c.106,s.5; 1991,c.309,s.4.