New Jersey § 43:6a-16

§ 43:6a-16.

At the time of retirement, a member of the Judicial Retirement System, established

pursuant to P.L.1973, c. 140 ( C.43:6A-1 et seq. ), shall receive benefits in a retirement allowance payable throughout life, or the

member may, on retirement, elect to receive the actuarial equivalent of the member's

retirement allowance, in a lesser retirement allowance payable throughout life, with

the provision that: Option 1. If the member dies before the member has received in payments the present

value of the retirement allowance as it was at the time of retirement, the balance

shall be paid to a legal representative or to such person as the member shall nominate

by written designation acknowledged and filed with the retirement system, either in

a lump sum or by equal payments over a period of years at the option of the payee. If the member shall have designated a natural person as the payee, the payee may

elect to receive such payments in the form of a life annuity. Option 2. Upon the member's death, the member's retirement allowance shall be continued

throughout the life of and paid to such person as the member shall nominate by written

designation duly acknowledged and filed with the retirement system at the time of

retirement. Option 3. Upon the member's death, one-half of the member's retirement allowance shall

be continued throughout the life of and paid to such person as the member shall nominate

by written designation duly acknowledged and filed with the retirement system at the

time of retirement. Option 4. Some other benefit or benefits shall be paid either to the member or to

whomever the member nominates, if such other benefit or benefits, together with the

lesser retirement allowance, shall be certified by the actuary to be of equivalent

actuarial value. In no case, however, shall the lesser retirement allowance be smaller than that

provided under Option 2. Option 5. Some other benefit, which is equivalent to the full amount, three-quarters,

one-half or one-quarter of the member's retirement allowance, shall be paid to whomever

the member nominates and if that nominee dies before the member, the member's retirement

allowance shall increase to the maximum retirement allowance for the member's lifetime,

provided that such other benefit together with the member's lesser and maximum retirement

allowances shall be certified by the actuary to be of equivalent actuarial value. If the total amount of benefits paid to a retirant who does not elect to receive benefits

in the form of an optional settlement, or to the retirant and the designated beneficiary

in the case of a retirant who does so elect, before the death of the retirant or the

retirant and the beneficiary is less than the deductions accumulated in the retirant's

account at the time of retirement, including regular interest, the balance shall be

paid in one lump sum to the retirant's designated beneficiary or estate in the manner

provided in section 16 of P.L.1973, c. 140 ( C.43:6A-16 ). Except in the case of members who have elected to receive (1) a deferred retirement

allowance pursuant to section 11 of P.L.1973, c. 140 ( C.43:6A-11 ) or (2) early retirement allowances pursuant to section 10 of P.L.1973, c. 140 ( C.43:6A-10 ) after separation from service pursuant to section 11, if a member dies within 30

days after the date of retirement or the date of approval by the State House Commission,

whichever is later, the member's retirement allowance shall not become effective and

the member shall be considered an active member at the time of death. However, if the member dies after the date the application for retirement was filed

with the system, the retirement shall become effective if: a. The deceased member had designated a beneficiary under an optional settlement provided

by this section; and b. The surviving beneficiary requests in writing that the State House Commission make

such a selection. Upon formal action by the commission approving that request, the request shall be

irrevocable. The commission may select an Option 3 settlement, on behalf of the beneficiary of

a member who applied for and was eligible for retirement but who died prior to the

effective date of the retirement allowance, if all of the above conditions, with the

exception of a., are met. Nothing in this act, P.L.2002, c. 54 ( C.43:6A-16.1 et al.), shall affect the payment of the survivor benefits under section 18 of P.L.1973,

c. ( C.43:6A-18 ).