New Jersey Statutes 43:8A-6. Retirement of new entrant member on service retirement allowance
Terms Used In New Jersey Statutes 43:8A-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
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- 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
(2) Upon retirement for service a new entrant member shall receive a service retirement allowance which shall consist of:
(a) An annuity which shall be the actuarial equivalent of his aggregate contributions at the time of retirement; and
(b) A pension in the amount which when added to the member’s annuity will provide a total retirement allowance equal to 2% of his average final compensation multiplied by the number of years of creditable service up to 25, plus 1% of his average final compensation multiplied by the number of years of creditable service over 25.
(3)(a) Upon the receipt of proper proofs of the death of a new entrant member after service retirement, there shall be paid to such person as he shall have nominated by written designation, duly executed and filed with the board of trustees, otherwise to his estate, a death benefit of $2,000.00.
(b) The beneficiary of a death benefit after service retirement may elect to receive the amount payable in 1 sum or in equal installments over a period of years or as a life annuity.
L.1953, c. 423, p. 2129, s. 6. Amended by L.1954, c. 200, p. 758, s. 4.