17:9A-27.5 - Provisions of plans
17:9A-27.5.Ā Provisions of plans
In addition to the objects stated in paragraph (f) of section 3 of this act,Ā and in addition to those provisions which are elsewhere in this act required orĀ permitted to be included in a plan, and without limitation as to the nature andĀ scope of the provisions which a plan may contain, a plan may make provision forĀ 1 or more of the following, to the extent that they are consistent one with theĀ other:
(1) rights, privileges, options and benefits, to accrue or to be exercised by the employee, or by a beneficiary or beneficiaries designated by the employee, when employment terminates otherwise than by retirement, including provision for the payment of a death benefit if death occurs before retirement;
(2) the designation by the employee of a person as a joint annuitant, or asĀ a joint and survivor annuitant;
(3) the designation by the employee of a person or persons as beneficiariesĀ to receive payment of a sum or sums, or to exercise an option or options, afterĀ the happening, before or after retirement, of a contingency or contingenciesĀ specified in the retirement plan, including the death of the employee within aĀ specified period after retirement begins, or the death of the employee afterĀ retirement begins but before the receipt by him of a stated or ascertainableĀ sum in retirement benefits;
(4) the continued employment or re-employment by the bank of employees or former employees who are receiving retirement benefits under a plan maintained by the bank;
(5) any further provisions which the bank may choose to make, and which areĀ not prohibited by law.
L.1953, c. 124, p. 1313, s. 5.Ā Amended by L.1962, c. 234, s. 2.
Ā
In addition to the objects stated in paragraph (f) of section 3 of this act,Ā and in addition to those provisions which are elsewhere in this act required orĀ permitted to be included in a plan, and without limitation as to the nature andĀ scope of the provisions which a plan may contain, a plan may make provision forĀ 1 or more of the following, to the extent that they are consistent one with theĀ other:
(1) rights, privileges, options and benefits, to accrue or to be exercised by the employee, or by a beneficiary or beneficiaries designated by the employee, when employment terminates otherwise than by retirement, including provision for the payment of a death benefit if death occurs before retirement;
(2) the designation by the employee of a person as a joint annuitant, or asĀ a joint and survivor annuitant;
(3) the designation by the employee of a person or persons as beneficiariesĀ to receive payment of a sum or sums, or to exercise an option or options, afterĀ the happening, before or after retirement, of a contingency or contingenciesĀ specified in the retirement plan, including the death of the employee within aĀ specified period after retirement begins, or the death of the employee afterĀ retirement begins but before the receipt by him of a stated or ascertainableĀ sum in retirement benefits;
(4) the continued employment or re-employment by the bank of employees or former employees who are receiving retirement benefits under a plan maintained by the bank;
(5) any further provisions which the bank may choose to make, and which areĀ not prohibited by law.
L.1953, c. 124, p. 1313, s. 5.Ā Amended by L.1962, c. 234, s. 2.
Ā