New Jersey § 43:15a-57

§ 43:15a-57.

a. Each member who is a member on December 1, 1956 and each person who thereafter

becomes a member prior to the effective date of this amendatory act, will be eligible

to purchase the additional death benefit coverage hereinafter described, provided

he selects such coverage within one year after December 1, 1956 or after the effective

date of membership, whichever date is later, or makes an election pursuant to subsection

b. of this section. b. Each member who, on the effective date of this amendatory act, shall not have elected

such additional death benefit coverage or who had elected coverage, but for whom there

is not in effect such additional death benefit coverage shall also be eligible to

elect such additional death benefit coverage, provided he furnishes satisfactory evidence

of insurability and on the date of such election is actively at work and performing

all his regular duties at his customary place of employment. Applications under this subsection shall be filed within one year following the

effective date of this amendatory act. c. Each person becoming a member on or after the effective date of this amendatory

act who on the date he becomes a member is less than 60 years of age shall automatically

be covered for such additional death benefit coverage from the first day of his membership

on which he is actively at work and performing all his regular duties at his customary

place of employment. Such automatic coverage shall continue during the member's first year of membership

and during such year he shall make contributions as fixed by the board of trustees. Additional death benefit coverage for such member shall continue in effect after

the first year of membership on the continuance of payment of the required contributions

therefor. d. Each person becoming a member on or after the effective date of this amendatory

act who on the date he becomes a member is 60 or more years of age may, within one

year from the date of membership, elect to purchase such additional death benefit

coverage, provided that the member furnishes satisfactory evidence of insurability

and on the date of such election is actively at work and performing all his regular

duties at his customary place of employment. e. Notwithstanding other provisions of this section relating to the amount of death

benefit any member who has acquired or shall acquire additional death benefit coverage,

the death benefit payable in the event of death occurring on or after the effective

date of this amendatory act and during the first year of membership shall be based

upon the member's annual base salary. The effective date of coverage of any person electing to purchase additional death

benefit coverage, pursuant to the provisions of subsections a., b. and d. of this

section shall be the first day of the month immediately following the date of such

election unless evidence of insurability is required as a condition of such election

in which event the effective date of coverage shall be the first day of the month

which immediately follows the later of (a) the date of such election and (b) the date

such evidence is determined to be satisfactory. f. The board of trustees shall establish schedules of contributions to be made by

the members who elect to purchase the additional death benefit coverage. Such contributions shall be so computed that the contributions made by or on behalf

of all covered members in the aggregate shall be sufficient to provide for the cost

of the benefits established by this section. Such schedules of contributions shall be subject to adjustment from time to time,

by the board of trustees, as the need may appear. g. Upon the receipt of proper proofs of the death in service of any such member while

covered for the additional death benefit coverage there shall be paid to such person,

if living, as the member shall have nominated by written designation duly executed

and filed with the board of trustees, otherwise to the executor or administrator of

the member's estate, an amount equal to one and one-half times the compensation received

by the member in the last year of creditable service or some lesser amount as may

be provided by the board of trustees and elected to purchase by the member. h. The contributions of a member for the additional death benefit coverage shall be

deducted from his compensation, but if there is no compensation from which such contributions

may be deducted it shall be the obligation of the member to make such contributions

directly to the board of trustees or as directed by the board. i. Any other provision of this act notwithstanding, the contributions of a member

for the additional death benefit coverage under this section shall not be returnable

to the member or his beneficiary in any manner, or for any reason whatsoever, nor

shall any contributions made for the additional death benefit coverage be included

in any annuity payable to any such member or to his beneficiary. j. A member who has elected to purchase the additional death benefit coverage provided

by this section may file with the board of trustees, and alter from time to time during

his lifetime, as desired, a duly attested, written, new nomination of the payee of

the death benefit provided under this section. Such member may also file and alter from time to time during his lifetime, as desired,

a request with the board of trustees directing payment of said benefit in one sum

or in equal annual installments over a period of years or as a life annuity. Upon the death of such member, a beneficiary to whom a benefit is payable in one

sum may elect to receive the amount payable in equal annual installments over a period

of years or as a life annuity. k. All other provisions of this section notwithstanding, this section and the benefits

provided under this section shall not come into effect until a required percentage

of the members shall have applied for the additional death benefit coverage under

this section. This required percentage shall be fixed by the board of trustees. Any such percentage may be made applicable to male members only or to other groupings

as determined by the board of trustees of the Public Employees' Retirement System. Applications for such additional death benefit coverage shall be submitted to the

secretary of the board of trustees in such manner and upon such forms as the board

of trustees shall provide.