New Jersey Statutes 43:15A-46. Allowance for retirement for accidental disability
Terms Used In New Jersey Statutes 43:15A-46
- 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
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 72.7% of his actual annual compensation for which contributions were being made at the time of the occurrence of the accident.
c. Upon receipt of proper proofs of the death of a member who has retired on an accidental 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.46; amended 1955, c.261, s.13; 1966, c.67, s.7; 1971, c.213, s.20; 2001, c.353, s.11.