New Jersey Statutes 43:15A-45. Allowance for ordinary disability retirement
Terms Used In New Jersey Statutes 43:15A-45
- 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.
- 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
45. A member upon retirement for ordinary disability shall receive a retirement allowance, which shall consist of:
a. An annuity which shall be the actuarial equivalent of his accumulated deductions together with regular interest and
b. A pension in the amount which, when added to the member’s annuity, will provide a total retirement allowance of 1.64% of final compensation multiplied by his number of years of creditable service; provided further, that in no event shall the allowance be less than 43.6% of final compensation.
c. Upon the receipt of proper proofs of the death of a member who has retired on an ordinary disability retirement allowance, there shall be paid to such member’s beneficiary, an amount equal to 1 1/2 times the compensation upon which contributions by the member to the annuity savings fund were based in the last year of creditable service; provided, however, that if such death shall occur after the member shall have attained age 60, the amount payable shall equal 3/16 of such compensation.
L.1954, c.84, s.45; amended 1955, c.261, s.12; 1966, c.67, s.6; 1971, c.213, s.19, 2001, c.353, s.9.