New Jersey § 43:6a-14

§ 43:6a-14.

a. Any judge who is required to be a member of the retirement system established by

this act and who holds membership in a retirement system established pursuant to any

other law of this State shall cease to be a member of such other retirement system

as of the effective date of this act. Any person becoming a judge of the several courts after the effective date of this

act, who holds membership in a retirement system established pursuant to any other

law of this State shall cease to be a member of such other retirement system on the

date he becomes such judge. b. Any such judge shall, upon his request, receive a refund of his contributions to

such retirement system, without interest, less any unpaid balance of an outstanding

loan, as of the effective date of this act or the date on which he becomes such judge,

whichever is later. If any such judge shall be eligible for benefits under any such retirement system

as of the effective date of this act, or if later, as of the date he becomes such

judge, he may elect to receive an annuity based on his own contributions while continuing

to serve as such judge; provided, however, that if any such judge shall subsequently

elect to receive benefits under the provisions of this act, all rights to retirement

and death benefits under any other law of this State shall thereby be terminated except

as hereinafter provided in subsection c. c. If any such judge elects to receive benefits pursuant to the provisions of this

act after having received benefits from a retirement system established pursuant to

another law of this State, such judge shall be entitled to receive the value of his

contributions, without interest, to such other retirement system reduced by the value

of any benefits received from such retirement system. If any such judge dies in service before he could elect to receive the benefits pursuant

to the provisions of this act, after having received benefits from a retirement system

established pursuant to another law of this State, his eligible beneficiary shall

be entitled to receive the value of the member's contributions, without interest,

to such other retirement system reduced by the value of any benefits received by the

judge from such retirement system. d. After the effective date of this amendatory and supplementary act, any person appointed

to be a judge to sit on any of the several courts who holds membership in a State-administered

retirement system may elect to transfer the service for which he has been credited

in that system to the Judicial Retirement System of New Jersey. The transfer shall be accomplished by filing forms satisfactory to the New Jersey

Division of Pensions, which is responsible for the administration of the Judicial

Retirement System, within 90 days following the effective date of this amendatory

and supplementary act or his appointment to one of the several courts, whichever is

later. e. Within 120 days following the filing of forms provided in subsection d. of this

section, the former retirement system of the judge shall remit to the Judicial Retirement

System of New Jersey all accumulated deductions standing to his credit and within

180 days following the filing of the forms the retirement system shall remit the pro

rata part of the reserve fund constituting the employer's obligations under the former

system applicable to the employee's account, and the Judicial Retirement System of

New Jersey shall then enter the respective sums so remitted to it to the credit of

the judge in the annuity savings fund and to the credit of the employer in the contingency

reserve fund of the Judicial Retirement System of New Jersey. All outstanding obligations such as loans, purchasers, and other arrearages shall

be met by the judge as previously scheduled for payment to his former retirement system. f. In the event that the value of the money so remitted to the Judicial Retirement

System is less than the total which is required by the retirement system to provide

the transferred member with credit for his public service, the liability of the State

shall include an amount equal to the difference between these two values.