New Jersey Statutes 43:16A-51. Payment of reduced benefits until waiver withdrawn or revoked by subsequent request
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Terms Used In New Jersey Statutes 43:16A-51
- 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.
Upon the receipt of such waiver, and until the same is withdrawn, altered or revoked by a subsequent written request, similarly filed, the board of trustees shall pay a reduced pension, benefit, retirement allowance or annuity as shall be requested in such waiver.
L.1955, c. 138, p. 626, s. 2.