New Jersey § 17:12b-50

§ 17:12b-50.

Every association shall have power to adopt, alter, contract for or rescind a plan

or plans providing for the payment of pensions to its officers and employees and for

the payment to them for life or for a period certain of such pension payments within

the limits prescribed by sections 50 through 60 of this act 1 as may be set forth in a plan or plans adopted by the board. (a) If such a plan provides for the payment of such benefits for a period certain,

it may also provide that if such officer or employee shall die before the expiration

of such period, the benefits shall be paid for the remainder of such period to the

beneficiary designated by such officer or employee in the manner provided by such

plan or plans. (b) Any pension plan or plans adopted shall provide that upon the termination of employment

for any cause prior to the commencement of pension payments pursuant to such plan

or plans or upon death prior to such commencement of pension payments the officer

or employee or the beneficiary designated by him shall be entitled to receive all

of the incidents of ownership thereof which have been purchased by his contributions. (c) Any pension plan or plans adopted may, but need not, provide that upon the termination

of employment for any cause, specified in such plan or plans, prior to the commencement

of pension payments pursuant to such plan or plans or upon death prior to such commencement

of pension payments, the officer or employee or the beneficiary designated by him

shall be entitled to receive all or part of the incidents of ownership thereof which

have been purchased by the State association for the benefit of the officer or employee

which shall be paid to him or his beneficiary as provided in such plan or plans. 1

N.J.S.A. §§ 17:12B-50 to 17:12B-60.