State Codes and Statutes

Statutes > New-jersey > Title-53 > Section-53-5a > 53-5a-15-2

53:5A-15.2.  Designation and change of beneficiary;  payments upon death of  member
    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 aggregate contributions and the payment of   1/2   of final compensation upon the death of a retirant as provided in sections 8 c., 9 c., 10 c., 15, 27 b., and 28 of chapter 89 of the laws of 1965, 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 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 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.

     L.1971, c. 181, s. 29, eff. June 1, 1971.