New Jersey Statutes 43:4B-1. Retirement Systems Actuary Selection Committee
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Terms Used In New Jersey Statutes 43:4B-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.
- 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
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
19. There is hereby established the Retirement Systems Actuary Selection Committee which shall consist of the State Treasurer, and the directors of the Divisions of Pensions and Benefits and Investment, and Office of Management and Budget, or their designated representatives, and one member designated by each of the boards of trustees of the Public Employees’ Retirement System established pursuant to P.L.1954, c.84 (C. 43:15A-1 et seq.) and the Teachers’ Pension and Annuity Fund established pursuant to N.J.S. 18A:66-1 et seq. The committee shall select the actuary or actuaries for the State retirement systems in accordance with the provisions of P.L.1954, c.48 (C. 52:34-6 et seq.), provided, however, that the boards shall have the power to veto the selection of the actuary for valid reason.
L.1992, c.125, s.19; amended 2011, c.78, s.24; 2018, c.55, s.6.