New Jersey Statutes 43:3B-1. Definitions; short title
Terms Used In New Jersey Statutes 43:3B-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.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. “Retirant” means any person who was employed by the State of New Jersey, any of its instrumentalities, any of its political subdivisions or any of the instrumentalities of its political subdivisions, retired from such employment and, as a result of such employment, is receiving a retirement allowance or pension from a retirement system or under any law administered by the Division of Pensions of the State of New Jersey, other than one providing for individual annuity contracts purchased from private insurers.
b. “Survivorship benefit” means a monthly annuity to the designee of a retirant who, at retirement, elected Option II, III or IV pursuant to the provisions of N.J.S. 18A:66-47 or P.L.1954, c. 84, s. 50 (C. 43:15A-50) or P.L.1944, c. 255, s. 12 (C. 43:16A-12), but it shall not mean (1) an annuity based on settlement of a self-insured or insured lump sum death benefit or in lieu of a lump sum death benefit, (2) an annuity based on the return of the member’s contributions or (3) any life annuity settlement payable under Option I as provided by the aforesaid sections of the statutory law.
c. “Beneficiary” means any person who is receiving a pension as the result of the death of an active or retired member of a State administered retirement system or who is receiving a survivorship benefit.
d. “Benefit year” means:
(1) the calendar year 1966 for:
(a) all retirants who retired before the calendar year 1955; and
(b) all beneficiaries of members who retired or died before the calendar year 1955 except those beneficiaries covered by (4) of this subsection;
(2) the actual calendar year of retirement for:
(a) all members who retired after 1954; and
(b) all beneficiaries of retirants who retired after 1954 except those beneficiaries covered by (4) of this subsection;
(3) the actual calendar year of death for all beneficiaries of members who died after 1954 except those beneficiaries covered by (4) of this subsection;
(4) the calendar year:
(a) 1967 for all beneficiaries of active or retired members entitled to receive increased pensions in 1967 in accordance with R.S. 43:16-3(c);
(b) 1968 for all beneficiaries of members entitled to receive increased pensions in 1968 in accordance with R.S. 43:16-4(b);
(c) 1968 for all beneficiaries of active or retired members entitled to receive increased pensions in 1968 in accordance with P.L.1967, c. 250, s. 26 (C. 43:16A-12.1);
(d) 1969 for all beneficiaries of active or retired members entitled to receive increased pensions in 1969 in accordance with P.L.1941, c. 220, s. 3 (C. 43:7-9) as amended.
e. “Calendar year” means the 12-month period beginning January 1 and ending December 31.
f. “Index” shall mean the annual average over a 12-month period, beginning September 1 and ending August 31, of the Consumer Price Index for Urban Wage Earners and Clerical Workers, All Items Series A, of the United States Department of Labor (1957-1959=100). Should the reference base of said index be changed, the index used to determine the Consumer Price Index as defined herein will be the index converted to the new base by standard statistical methods. The annual average index so calculated shall be the index for the calendar year in which the 12-month period ends.
g. “Benefit year index” shall be the index of the benefit year.
h. “Fiscal year” means the 12-month period beginning July 1 and ending June 30, unless otherwise stipulated.
This act shall be known and may be cited as the “Pension Adjustment Act.”
L.1958, c. 143, p. 647, s. 1. Amended by L.1969, c. 169, s. 1; L.1971, c. 139, s. 2, eff. May 12, 1971; L.1975, c. 375, s. 1, eff. March 3, 1976; L.1977, c. 306, s. 1, eff. Dec. 27, 1977.