New Jersey Statutes 53:5A-26. Withdrawal from service or cessation of membership; return of contributions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 53:5A-26
- 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
A member who withdraws from service or ceases to be a member for any cause other than death or retirement shall receive the amount of his aggregate contributions less any outstanding loan upon the filing of a written application as required by the retirement system. If such member shall die before filing an application for withdrawal or before endorsing the check constituting the return of his aggregate contributions, such contributions shall be paid to his beneficiary.
No member shall be entitled to withdraw the amounts contributed by the State covering his military leave unless he shall have returned to the payroll and contributed to the retirement system for a period of 90 days.
L.1965, c. 89, s. 26, eff. July 1, 1965. Amended by L.1971, c. 181, s. 16, eff. June 1, 1971.