New Jersey § 43:3c-5

§ 43:3c-5.

Any law, rule or regulation to the contrary notwithstanding, the Division of Pensions

shall honor an agreement executed between a retirant or beneficiary of any retirement

system established pursuant to the laws of this State and a depository institution

for the direct deposit in the depository institution of the monthly payment of the

retirement allowance of the retirant or beneficiary; provided, however, that the

depository institution assumes the full responsibility for the receipt and collection

of the monthly payment, and, provided further that the agreement is consummated pursuant

to such rules and regulations as shall be promulgated by the Division of Pensions.