New Jersey Statutes 43:16A-50. Waiver of portion of benefits by written request
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Terms Used In New Jersey Statutes 43:16A-50
- 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
Any member or any beneficiary who has been or, in the future, may be retired, or receive a pension, benefit or retirement allowance, including an annuity, pursuant to the provisions of chapter 16A of Title 43 of the Revised Statutes, may, by filing written request with the board of trustees, waive payment of a portion of the pension, benefit or retirement allowance, including annuity, to which he may be entitled.
L.1955, c. 138, p. 626, s. 1.