New Jersey § 43:15a-5

§ 43:15a-5.

The repeal of chapters 14 and 15 of Title 43 of the Revised Statutes of the State

of New Jersey and all amendments and supplements thereto 1 is subject to the following provisos: (a) Any person retired for service under any of the provisions of either of said chapters

and receiving or entitled to receive benefits thereunder prior to their repeal shall

continue to receive the same benefits or shall continue to be entitled to receive

the same benefits to the same extent and in the same manner as if such chapters had

not been repealed. If any such person shall have elected to take his retirement benefit under 1 of

the options of such chapters, his beneficiary shall, upon the death of the retirant,

receive such amount as was provided under such chapters, as if such chapters had not

been repealed. (b) Any beneficiary receiving an allowance as a result of an election made by a person

retiring under such chapters shall continue to receive such allowance as provided

under such chapters. (c) Any person electing to have deductions for medical and hospitalization insurance

subtracted from his retirement allowance shall continue to have such deductions subtracted

as if such chapters had not been repealed. (d) Any person retired for disability under such chapters and receiving benefits or

entitled to receive benefits thereunder and any person receiving accidental death

benefits as the result of the death of a member in service under such chapters, prior

to their repeal, including any person covered by R.S. 43:14-30 to R.S. 43:14-34 , R.S. 43:14-37 and R.S. 43:15-5 , shall, so long as he continues to meet the tests therefor prescribed in such chapters,

continue to receive the same or shall continue to be entitled to receive to the same

extent and in the same manner as if such chapters had not been repealed. At such time as he shall cease to meet such requirements his benefits shall cease

and as to him the chapters shall have no further application. If any person retired for disability under such chapters and receiving benefits

thereunder prior to their repeal shall have elected to take his retirement benefit

under 1 of the options of such chapters, his beneficiary shall, upon the death of

the retirant, receive such amount as was provided under such chapters. (e) Any person who, as of the effective date of this section meets the requirements

for retirement under chapters 14 and 15 of Title 43 of the Revised Statutes but who

has not made application for benefits under such chapters may make such application

and be retired on or before the effective date of this section, as if such chapters

had not been repealed. He shall thereafter receive benefits to the same extent and in the same manner as

if such chapters had not been repealed. (f) If any person having made contributions under such chapters dies prior to their

repeal but before retiring, his accumulated deductions shall be paid out as he shall

have directed in writing; provided, however, that in the case of a contributor who

dies with credit for 20 or more years of total service, the provisions of R.S. 43:14-29 shall apply. In the absence of such written direction, his accumulated deductions shall be paid

to his estate. This paragraph shall apply also to any person dying subsequent to repeal but before

receiving his contributions. (g) Any person who contracted for a loan under such chapters shall continue to repay

the loan as if such chapters had not been repealed. (h) Interest on members' accumulated deductions shall cease as of the effective date

of this section. (i) The accumulated deductions of the members constituting the Annuity Savings Fund

shall be set aside in a trust fund designated as Fund A to be held for refund, upon

demand, to the respective persons or beneficiaries entitled thereto; no further interest

shall be allowed after the effective date of this section. Until refunded or otherwise disposed of, such funds, interests therein, and rights

thereto shall not be subject to judicial process. (j) The accumulated reserves in the Contingent Reserve Fund established under such

chapters which are required to meet pension and death benefits allowable shall be

set aside in the State treasury as a trust fund and expended for no other purpose

except for the payment of such benefits. Such fund shall be designated as Fund B. (k) The accumulated reserves constituting the Retirement Reserve Fund shall be set

aside in a trust fund designated as Fund C to be held for payment of all pension and

death benefits allowed. Such funds, interests therein and rights thereto, shall not be subject to judicial

process. ( l ) All moneys in the Expense Fund shall be set aside in a trust fund designated as

Fund D, to be held for the purpose of administering the payment of benefits under

the provisions of this section. Such moneys, interest therein and rights thereto shall not be subject to judicial

process. 1

N.J.S.A. §§ 43:14-1 to 43:14-71, 43:15-1 to 43:15-6.