a. “Accumulated deductions” means the sum of all amounts, deducted from the compensation of a member or contributed by him or on his behalf, standing to the credit of his individual account in the annuity saving fund.
Terms Used In New Jersey Statutes 43:6A-3
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- 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. “Annuity” means payments for life derived from the accumulated deductions of a member as provided in this amendatory and supplementary act.
c. “Annuity reserve” means the present value of all payments to be made on account of any annuity or benefit in lieu of an annuity computed on the basis of such mortality tables recommended by the actuary as the State House Commission adopts with regular interest.
d. “Beneficiary” means any person entitled to receive any benefit pursuant to the provisions of this act by reason of the death of a member or retirant.
e. “Child” means a deceased member’s or retirant’s unmarried child who is either (a) under the age of 18; (b) of any age who, at the time of the member’s or retirant’s death, is disabled because of mental retardation or physical incapacity, is unable to do any substantial, gainful work because of the impairment and his impairment has lasted or can be expected to last for a continuous period of not less than 12 months, as affirmed by the medical board; or (c) under the age of 21 and is attending school full time.
f. “Compensation” means the base salary, for services as a member as defined in this act, which is in accordance with established salary policies of the State for all employees in the same position but shall not include individual salary adjustments which are granted primarily in anticipation of the member’s retirement or additional remuneration for performing temporary duties beyond the regular work schedule.
g. “Final salary” means the annual salary received by the member at the time of his retirement or death.
h. “Fiscal year” means any year commencing with July 1 and ending with June 30 next following.
i. “Medical board” means the board of physicians provided for in section 29 of this act.
j. “Member” means the Chief Justice and associate justices of the Supreme Court, judges of the Superior Court and tax court of the State of New Jersey required to be enrolled in the retirement system established by this act.
For purposes of this act, the person holding the office of standing master by appointment pursuant to N.J.S. 2A:1-7 shall have the same privileges and obligations under this act as a judge of a Superior Court.
k. “Parent” means the parent of a member who was receiving at least one-half of his support from the member in the 12-month period immediately preceding the member’s death or the accident which was the direct cause of the member’s death. The dependency of such a parent will be considered terminated by marriage of the parent subsequent to the death of the member.
l. “Pension” means payment for life derived from contributions by the State.
m. “Pension reserve” means the present value of all payments to be made on account of any pension or benefit in lieu of a pension computed on the basis of such mortality tables recommended by the actuary as shall be adopted by the State House Commission with regular interest.
n. “Regular interest” means interest as determined by the State Treasurer, after consultation with the Directors of the Divisions of Investment and Pensions, the State House Commission and the actuary. It shall bear a reasonable relationship to the percentage rate of earnings on investments based on the market value of assets but shall not exceed the assumed percentage rate of increase applied to salaries plus 3%, provided however that the commission shall not set the average percentage rate of increase applied to salaries below 6%.
o. “Retirant” means any former member receiving a pension or retirement allowance as provided by this act.
p. “Retirement allowance” means the pension plus the annuity.
q. “Retirement system” or “system” herein refers to the “Judicial Retirement System of New Jersey,” which is the corporate name of the arrangement for the payment of pensions, retirement allowances and other benefits under the provisions of this act including the several funds placed under said system. By that name, all of its business shall be transacted, its funds invested, warrants for money drawn, and payments made and all of its cash and securities and other property held.
r. “Service” means public service rendered for which credit is allowed on the basis of contributions made by the State.
s. “Several courts” means the Supreme, Superior, and tax courts.
t. “Widow” means the woman to whom a member or a retirant was married, or a domestic partner as defined in section 3 of P.L.2003, c.246 (C. 26:8A-3), at least four years before the date of his death and to whom he continued to be married or a domestic partner until the date of his death. The eligibility of such a widow to receive a survivor’s benefit will be considered terminated by the marriage of, or establishment of a domestic partnership by, the widow subsequent to the member’s or the retirant’s death. In the event of accidental death the four-year qualification shall be waived. When used in this act, the term “widow” shall mean and include “widower” as may be necessary and appropriate to the particular situation.
u. “Widower” means the man to whom a member or a retirant was married, or a domestic partner as defined in section 3 of P.L.2003, c.246 (C. 26:8A-3), at least four years before the date of her death and to whom she continued to be married or a domestic partner until the date of her death. The eligibility of such a widower to receive a survivor’s benefit will be considered terminated by the marriage of, or establishment of a domestic partnership by, the widower subsequent to the member’s or retirant’s death. In the event of accidental death the four-year qualification shall be waived.
v. “Spouse” means the husband or wife, or domestic partner as defined in section 3 of P.L.2003, c.246 (C. 26:8A-3), of a member or retirant.
L.1973,c.140,s.3; amended 1973, c.304, s.1; 1977, c.317, s.2; 1981, c.470, s.1; 1991, c.91, s.411; 1992, c.41, s.7; 1992, c.125, s.4; 2003, c.246, s.44.