New Jersey § 43:16a-60

§ 43:16a-60.

Any such group policy or policies shall provide that payment of any death benefits

which are payable by the insurance company may be made in one sum directly to the

beneficiary as hereinafter provided, in equal installments over a period of years

or as a life annuity or in such other manner as may be made available by the insurance

company. A member may make such arrangements for settlement, and may alter from time to time

during his lifetime any arrangement previously made, by making written request to

the insurance company through the policyholder. Upon the death of a member, a beneficiary to whom a benefit is payable in one sum

by the insurance company may likewise arrange for a settlement as described above. If a member's or beneficiary's request for settlement of any death benefit in equal

installments over a period of years or as a life annuity pursuant to the foregoing

is approved by the policyholder, the amount of such installments or such life annuity,

as the case may be, shall be determined on the basis of such applicable mortality

tables and rates of interest as shall have been adopted by the retirement system and

are in effect at the member's death. Any arrangement for payment under the group policy to a beneficiary shall be in

lieu of that provided by sections 5, 6, 7(3), 9 and 10(5) of chapter 255 of the laws

of 1944, 1 and sections 16 and 17 of chapter 241 of the laws of 1964. 2 1

N.J.S.A. §§ 43:16A-5, 43:16A-6, 43:16A-7, 43:16A-9 and 43:16A-10. 2

N.J.S.A. §§ 43:16A-11.1, 43:16A-11.2.