New Jersey § 43:15a-38

§ 43:15a-38.

Should a member of the Public Employees' Retirement System, after having completed

10 years of service, be separated voluntarily or involuntarily from the service, before

reaching service retirement age, and not by removal for cause on charges of misconduct

or delinquency, such person may elect to receive: (a) The payments provided for in section 41b. of this act, 1 if he so qualifies under said section; or (b) A deferred retirement allowance, beginning at the retirement age, which shall

be made up of an annuity derived from the accumulated deductions standing to the credit

of the individual member's account in the annuity savings fund at the time of his

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

added to the annuity will produce a total retirement allowance of 1/64 of final compensation for each year of service credited as Class A service and 1/55

of final compensation for each year of service credited as Class B service , or for a person who becomes a member of the retirement system on or after the effective

date of P.L.2010, c. 1 1/60 of final compensation for each year of service credited as Class B service , calculated in accordance with section 48 of this act, 2 with optional privileges provided for in section 50 of this act 3 if he exercises such optional privilege at least 30 days before his attainment of

the normal retirement age; provided, that such election is communicated by such member

to the retirement system in writing stating at what time subsequent to the execution

and filing thereof he desires to be retired; and provided further, that such member,

as referred to in this subsection may later elect: (1) to receive the payments provided

for in section 41b. of this act, if he had qualified under that section at the time

of leaving service, except that in order to avail himself of the optional privileges

pursuant to section 50, he must exercise such optional privilege at least 30 days

before the effective date of his retirement; or (2) to withdraw his accumulated deductions

with interest as provided in section 41a. If such member shall die before attaining service retirement age then his accumulated

deductions, plus regular interest, shall be paid in accordance with section 41c.;

or if such member shall die after attaining service retirement age and has not withdrawn

his accumulated deductions, an amount equal to 3/16 of the compensation received by

the member in the last year of creditable service shall be paid to such person, if

living, as he shall have nominated by written designation duly executed and filed

with the retirement system; otherwise to the executor or administrator of the member's

estate. 1

N.J.S.A. § 43:15A-41. 2

N.J.S.A. § 43:15A-48. 3

N.J.S.A. § 43:15A-50.