New Jersey § 43:16a-12

§ 43:16a-12.

A pension, an annuity or a retirement allowance granted under the provisions of this

act shall be effective only on the first day of a month, shall be paid in equal monthly

installments, and shall not be decreased, increased, revoked or repealed, except as

otherwise provided in this act; provided, however, that at the time any benefit becomes

payable any unpaid balance of a loan or arrearage outstanding shall be deducted from

any benefit otherwise payable. Upon the death of a retirant, any unpaid benefits due him shall be paid in one lump

sum to such person, if living, as he shall have nominated by written designation duly

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

of the retirant's estate. No pension, annuity or retirement allowance shall be due to a retirant or beneficiary

unless it constitutes a payment for an entire month ; provided, however, that a pension, annuity or retirement allowance shall be payable

for the entire month in which the retirant or beneficiary dies .