State Codes and Statutes

Statutes > New-jersey > Title-43 > Section-43-16a > 43-16a-12-3

43:16A-12.3.  Designation of beneficiary;  payment of benefits
    The designation of beneficiary by a member or retirant shall be made in writing on a form satisfactory to the retirement system, and filed with the retirement system.  The member or retirant may, from time to time and without the consent of his death benefit designee, change the beneficiary by filing written notice of the change with the system on a form satisfactory to it. The  new nomination will be effective on the date the notice, in proper form, is  received by the system, and any prior nomination shall thereupon become void.

    If more than one beneficiary is nominated and in such nomination the member  or retirant has failed to specify their respective interests, the beneficiaries  shall share equally.  If any beneficiary predeceases the member or retirant,  the interest of such beneficiary shall terminate and shall be shared equally by  such of the beneficiaries as survive the member or retirant, unless the member  or retirant has made written request to the contrary in his beneficiary  nomination.

    Any amounts due for which there is no beneficiary at the death of a member,  retirant or beneficiary shall be payable to the estate of such member, retirant  or beneficiary.

    Except with regard to the payment of the member's accumulated deductions and  the payment, upon the death of a retirant after attaining the age of 55 years,  of the death benefits provided in sections 5, 6, 7(3), 9 and 10(5) of chapter  255 of the laws of 1944 and sections 16 and 17 of chapter 241 of the laws of  1964, a member may elect, by making written request to the retirement system,  that the whole or any part of his death benefits be made payable to his  beneficiary either as a life annuity or in equal installments over a period of  years specified in such election, and may alter such election from time to time  during his lifetime by again making such written request.  In the event of a  change of beneficiary, any previous arrangement by the member or retirant under  this paragraph shall be void.  The election set forth in this paragraph shall  not apply or be available when the beneficiary is an estate, or a corporation,  partnership, association, institution, trustee, or any fiduciary.

    If, at the member's or retirant's death, an amount of death benefit would be  payable to the beneficiary in a single sum, any election with regard to such  amount which was available to the member or retirant immediately prior to his  death in accordance with the provisions of the immediately preceding paragraph  shall then be available to such beneficiary for the benefit of such beneficiary.

    The provisions of this section shall be construed separately with respect to  each of the death benefits for which a beneficiary is designated by the member  or retirant.

     L.1967, c. 250, s. 28, eff. Dec. 18, 1967.