Terms Used In New Jersey Statutes 53:5A-27

  • 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
  • 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
27. a. Should a member resign after having established 25 years of creditable service in the retirement system or as a member appointed to the State Police under section 3 of P.L.1983, c.403 (C. 39:2-9.3) or a member appointed to the State Police under section 1 of P.L.1997, c.19 (C. 53:1-8.2), he may elect “special” retirement; provided that such election is communicated by such member to the retirement system by filing a written application, duly attested, stating at what time subsequent to the execution and filing thereof he desires to be retired. He shall receive, in lieu of the payment provided in section 26, a retirement allowance which shall consist of:

(1) An annuity which shall be the actuarial equivalent of his aggregate contributions; and

(2) A pension in the amount which, when added to the member’s annuity, will provide a total retirement allowance of 65% of his final compensation, plus 1% of his final compensation multiplied by the number of years of creditable service over 25, but not over 30.

The board of trustees shall retire him at the time specified or at such other time within one month after the date so specified, as the board finds advisable.

b. Upon the receipt of proper proofs of the death of such a retired member, there shall be paid to the member’s beneficiary an amount equal to one-half of the final compensation received by the member.

L.1965, c.89, s.27; amended 1966, c.153, s.15; 1971, c.181, s.17; 1980, c.55, s.4; 1983, c.403, s.41; 1991, c.379, s.1; 1997, c.19, s.11; 2019, c.251, s.3.

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