New Jersey § 43:15a-139

§ 43:15a-139.

A member, who shall have served as a member of the Legislature for at least 8 years

and having made contributions therefor to the retirement system and who ceases to

be a member of the Legislature for any reason other than death before reaching age

60, may, upon termination of such service as a member of the Legislature and all other

public service covered by the retirement system elect to receive, in lieu of the payment

provided in P.L.1954, c. 84, § 41a (C. 43:15A-41a): (a) the payments provided for

in P.L.1954, c. 84, § 38 ( C. 43:15A-38 ) if he so qualifies under said section, or (b) the payments provided for in P.L.1954,

c. 84, § 41b (C. 43:15A-41b) if he so qualifies under said section, or (c) a deferred

retirement allowance beginning on the first day of the month following his attainment

of age 60 and the filing of an application therefor, which shall be made up of an

annuity derived from the member's accumulated deductions at the time of termination

of his service as a member of the Legislature and a pension in the amount which, when

added to the member's annuity, will provide a total retirement allowance of 3% of

final compensation as a legislator, for each year of creditable service as a member

of the Legislature. The benefit payable pursuant to this section shall be subject to the maximum allowance

provisions of section 4 of this supplementary act. 1 The provisions for the exercise of optional privileges, the payment of accumulated

contributions in the event of death before attaining service retirement age, and the

death benefit in the event of death following retirement, shall be those stipulated

in P.L.1954, c. 84, § 38 ( C. 43:15A-38 ) in the case of any member of the Legislature retiring under the provisions of this

section. 1

N.J.S.A. § 43:15A-138.