New Jersey § 43:15a-149

§ 43:15a-149.

Any workers compensation judge who has served at least five years successively as

a judge of compensation and at least 10 years of aggregate public service, and who

resigns or is not reappointed before reaching age 60, and not by removal for cause

on charges of misconduct or delinquency, may elect to receive: a. all of the member's accumulated deductions standing to the credit of the member's

individual account in the annuity savings fund as provided under subsection a. of

section 41 of P.L.1954, c. 84 ( C.43:15A-41 ), or b. a deferred retirement allowance, beginning on the first day of the month following

the member's attainment of age 60 and the filing of an application therefor, which

shall consist of an annuity derived from the accumulated deductions standing to the

credit of the member's account in the annuity savings fund at the time of severance

from service together with regular interest, and a pension which, when added to the

annuity, shall produce a retirement allowance in the amount of 2% of the member's

final salary multiplied by the number of years of service up to 25 plus 1% of the

member's final salary multiplied by the number of years of service over 25, provided

that such inactive member may elect to receive payments provided under section 7 of

this act, P.L.2001, c. 259 ( C.43:15A-148 ), if the member had qualified under that section at the time of leaving service,

except that in order to avail the member of the option, the member shall exercise

such option at least one month before the effective date of retirement. If such inactive member shall die after attaining age 60 but before filing an application

for retirement benefits pursuant to this section or section 7 of this act and for

which benefits the member would have qualified, or in the event of death after retirement,

there shall be paid to such member's beneficiary the death benefits prescribed by

section 10 of this act. No beneficiary shall be eligible for a pension or survivor's benefit if the member

who elected to receive a deferred pension shall die before attaining age 60. Upon receipt of the proper proofs of death, the beneficiary of a member who elects

to receive a deferred retirement allowance shall be paid the member's accumulated

deductions at the time of death together with regular interest. Any member who, having elected to receive a deferred pension or deferred retirement

allowance, again becomes a member while under the age of 60, shall thereupon be reenrolled. The member shall be credited with all service as a member standing to the member's

credit at the time of the member's election to receive a deferred pension or deferred

retirement allowance.