New Jersey Statutes 43:3C-9.6. Accrued benefits, rights of members
Terms Used In New Jersey Statutes 43:3C-9.6
- 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
b. Notwithstanding any law, rule or regulation to the contrary, the form and timing of all distributions from the Teachers’ Pension and Annuity Fund, the Public Employees’ Retirement System, the Judicial Retirement System, the Police and Firemen’s Retirement System, the State Police Retirement System, the Prison Officers’ Pension Fund, the Consolidated Police and Firemen’s Fund, the Alternate Benefit Program, or the Defined Contribution Retirement Program, to a member, or to the beneficiary of a member if the member dies before the member’s entire interest has been distributed, shall conform to the required distribution provisions of section 401(a)(9) of the federal Internal Revenue Code and the regulations issued by the United States Department of the Treasury under that Code section, including the incidental death benefit requirements of section 401(a)(9)(G) of the federal Internal Revenue Code. In addition, in no event shall payments under any of the retirement systems commence to be paid to a member later than the member’s required beginning date, without regard to whether the member has filed application therefor. For this purpose, a member’s required beginning date is the April 1 of the calendar year following the later of (1) the calendar year in which the member attains age 70 1/2 or (2) the calendar year in which the member retires. The actuarial adjustment described in section 401(a)(9)(C)(iii) of the federal Internal Revenue Code shall not apply.
L.2007, c.92, s.41; amended 2011, c.78, s.59.