New Jersey § 43:8a-7

§ 43:8a-7.

(1) Any present entrant member in service who has attained or who attains age 55 may

retire on a service retirement allowance upon written and duly executed application

to the board of trustees, setting forth at what time, not less than 30 days nor more

than 90 days, subsequent to the filing thereof, he desires to be retired. Any present entrant member in service, shall be retired on a service retirement

allowance forthwith or on the first day of the next calendar month upon the completion

of 25 years of service but not before attaining age 62 years; provided, however,

that any present entrant member may remain in service beyond the completion of 25

years of service and attaining age 62 years with the permission of the head of said

Division of Alcoholic Beverage Control. (2) Upon retirement for service a present entrant member shall receive a service retirement

allowance which shall consist of: (a) An annuity which shall be the actuarial equivalent of his aggregate contributions

at the time of retirement; and (b) A pension in the amount which when added to the member's annuity will provide

a total retirement allowance equal to 2% of his average final compensation multiplied

by the number of years of service during the first 25 years of service for which the

member has contributed, up to 25, plus 1% of his average final compensation multiplied

by the number of all other years of service. (3)(a) Upon the receipt of proper proofs of the death of a present entrant member

after service retirement, there shall be paid to such person as he shall have nominated

by written designation duly executed and filed with the board of trustees, otherwise

to his estate, a death benefit of $2,000.00. (b) A beneficiary of a death benefit after service retirement may elect to receive

the amount payable in 1 sum or in equal installments over a period of years or as

a life annuity.