New Jersey Statutes 43:15A-139. Member of legislature for 8 years or more but not at age 60; retirement allowances and other benefits
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Terms Used In New Jersey Statutes 43:15A-139
- 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.
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
A member, who shall have served as a member of the Legislature for at least 8 years and having made contributions therefor to the retirement system and who ceases to be a member of the Legislature for any reason other than death before reaching age 60, may, upon termination of such service as a member of the Legislature and all other public service covered by the retirement system elect to receive, in lieu of the payment provided in P.L.1954, c. 84, s. 41a (C. 43:15A-41a): (a) the payments provided for in P.L.1954, c. 84, s. 38 (C. 43:15A-38) if he so qualifies under said section, or (b) the payments provided for in P.L.1954, c. 84, s. 41b (C. 43:15A-41b) if he so qualifies under said section, or (c) a deferred retirement allowance beginning on the first day of the month following his attainment of age 60 and the filing of an application therefor, which shall be made up of an annuity derived from the member’s accumulated deductions at the time of termination of his service as a member of the Legislature and a pension in the amount which, when added to the member’s annuity, will provide a total retirement allowance of 3% of final compensation as a legislator, for each year of creditable service as a member of the Legislature.
The benefit payable pursuant to this section shall be subject to the maximum allowance provisions of section 4 of this supplementary act.
The provisions for the exercise of optional privileges, the payment of accumulated contributions in the event of death before attaining service retirement age, and the death benefit in the event of death following retirement, shall be those stipulated in P.L.1954, c. 84, s. 38 (C. 43:15A-38) in the case of any member of the Legislature retiring under the provisions of this section.
L.1972, c. 167, s. 5, eff. Nov. 3, 1972.