New Jersey Statutes 43:16A-6.1. Special disability retirement allowance
Terms Used In New Jersey Statutes 43:16A-6.1
- 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
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
b. Upon retirement for special disability, a member shall receive a special disability retirement allowance which shall consist of:
(1) An annuity which shall be the actuarial equivalent of the member’s aggregate contributions and
(2) A pension in the amount which, when added to the member’s annuity, will provide a total retirement allowance of 50% of final compensation.
c. Upon the receipt of proper proofs of the death of a member who has retired on a special disability retirement allowance, there shall be paid to the member’s beneficiary, an amount equal to 3 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 the death shall occur after the member shall have attained 55 years of age, the amount payable shall equal one-half of the compensation instead of 3 1/2 times the compensation.
L.1989,c.103,s.1.