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Terms Used In New Jersey Statutes 43:6A-32

  • 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.
Under this act there shall be established a contingent reserve fund, an annuity savings fund, and a retirement reserve fund.

L.1973, c. 140, s. 32, eff. May 22, 1973. Amended by L.1981, c. 470, s. 14, eff. Jan. 19, 1982.