New Jersey Statutes 43:3C-25. Notification of change of beneficiary
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Terms Used In New Jersey Statutes 43:3C-25
- 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
- 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
1. The Division of Pensions and Benefits in the Department of the Treasury shall provide for the prompt notification in writing of any member or retiree of the Teachers’ Pension and Annuity Fund, established pursuant to N.J.S. 18A:66-1 et seq., the Judicial Retirement System, established pursuant to P.L.1973, c.140 (C. 43:6A-1 et seq.), the Public Employees’ Retirement System, established pursuant to P.L.1954, c.84 (C. 43:15A-1 et seq.), the State Police Retirement System, established pursuant to P.L.1965, c.89 (C. 53:5A-1 et seq.), the Alternate Benefit Program, established pursuant to P.L.1969, c.242 (C. 18A:66-167 et seq.), and the Defined Contribution Retirement Program, established pursuant to P.L.2007, c.92 (C. 43:15C-1 et seq.), when the member or retiree submits a change to the designation of beneficiary for contributory and non-contributory group life insurance available to the member or retiree through the system, that there is on file a judgment, court order, decree, or other legal document for that member or retiree specifically designating the beneficiary of such life insurance. The Board of Trustees of the Police and Firemen’s Retirement System or its designee shall provide for the prompt notification in writing of any member or retiree of the Police and Firemen’s Retirement System, established pursuant to P.L.1944, c.255 (C. 43:16A-1 et seq.), when the member or retiree submits a change to the designation of beneficiary for contributory and non-contributory group life insurance available to the member or retiree through the system, that there is on file a judgment, court order, decree, or other legal document for that member or retiree specifically designating the beneficiary of such life insurance. The notification requirement shall apply only when there is a valid judgment, court order, decree, or other legal document that has been filed with the division or, in the case of the Police and Firemen’s Retirement System, the board of trustees or its designee pursuant to the division’s or board’s determination to accept and honor such a judgment, court order, decree, or document and that has been reviewed, approved, or classified as qualified by the division or the board or the board’s designee.
L.2015, c.180, s.1; amended 2018, c.55, s.5.