New Jersey Statutes 43:2-5. Notice of intention to transfer membership
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Terms Used In New Jersey Statutes 43:2-5
- 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.
Said applicant shall notify the administrative head of the teachers’ pension and annuity fund, at the time of his application to such retirement system or pension fund, of his intention to withdraw from the teachers’ pension and annuity fund and to enter such retirement system or pension fund and thereupon the administrative head of the teachers’ pension and annuity fund shall remit to such retirement system or pension fund the total amount which otherwise would be payable to him upon his withdrawal therefrom.
L.1949, c. 149, p. 532, s. 2.