Title 18A, Title 18A: EDUCATION

18A:66-16 Creation of funds. 18A:66-16. There shall be in the retirement system the contingent reserve fund, annuity savings fund, retirement reserve fund, pension fund, special reserve fund, interest fund, benefit enhancement fund and the members' death benefit fund. L.1967, c.2…

18A:66-167. Repeals The following acts or parts of acts are repealed as of July 1, 1969: a. Sections 18A:64C-11.1 to 18A:64C-11.9, inclusive, of the New Jersey Statutes. b. Sections 18A:65-74 to 18A:65-85, inclusive, of the New Jersey Statutes. c. Public Laws 1967, c. 278 (C. 18A…

18A:66-168 Repeal subject to certain provisos. 2. Repeal of the act and parts of acts, and all amendments and supplements thereto, pursuant to section 1 of this act, is subject to the following provisos: a. The alternate benefit programs established by the Board of Governors of R…

18A:66-168.1 Termination of portion of alternate benefit program. 67. With respect to the portion of the alternate benefit program, P.L.1969, c.242 (C.18A:66-167 et seq.), that is subject to section 403(b) of the federal Internal Revenue Code (26 U.S.C. s. 403(b)), the State may …

18A:66-169 Definitions. 3. As used in this act: a. "Accumulated deductions" means those contributions as defined in N.J.S.18A:66-2 or in section 6 of P.L.1954, c.84 (C.43:15A-6). b. "Base salary" means a participant's regular base or contractual salary. It shall exclude bonus, ov…

18A:66-17 Expenses paid by State, reimbursement. 18A:66-17. The expenses of administration of the retirement system shall be paid by the State of New Jersey. Each employing school district shall reimburse the State for a proportionate share of the amount paid by the State for adm…

18A:66-170 Alternate benefit program. 4. All full-time officers and all full-time members of the faculty of Rutgers, The State University, the Newark College of Engineering, Rowan University, Montclair State University, Kean University, the State and county colleges and all regul…

18A:66-170.1. Commissioner of education; enrollment Notwithstanding any other provision of the statutory law, the Commissioner of Education shall have the option to enroll in the Alternate Benefit Program if he exercises such option within 10 days from the date of his appointment…

18A:66-170.2. Employee subsequently deemed eligible for enrollment pursuant to L.1984, c. 200 to continue participation from date of original enrollment Any employee enrolled in the alternate benefit program who is subsequently deemed to be eligible for enrollment by the Board of…

18A:66-170.3. Continuation in alternate benefit program Notwithstanding the provisions of any law to the contrary, any former employee of the Department of Higher Education or of the Commission on Science and Technology, created pursuant to Executive Order No. 12 of 1982, who was…

18A:66-170.4. Former employee of auxiliary organization may participate in alternate benefit program. 2. Notwithstanding the provisions of any law to the contrary, any employee of an auxiliary organization, as defined in section 2 of P.L.1982, c.16 (C.18A:64-27), at a State or co…

18A:66-171. Ineligibility for participation in alternate benefit program; enrollment in public employees' retirement system Those faculty members, who are ineligible for participation in the alternate benefit program, and all other employees of all of the public institutions of h…

18A:66-172. Allocation of contributions; mobility of pension credit 6. Participants in the alternate benefit program shall be allowed to allocate portions of their own contributions and the contributions of their employer, including amounts used by the employer to purchase an ann…

18A:66-172.1. Pension Provider Selection Board 3. There is established in but not of the Division of Pensions in the Department of the Treasury the Pension Provider Selection Board, which shall consist of the Director of the Division of Pensions or a representative of that direct…

18A:66-173 Transfer to alternate benefit program. 7. (a) When a member of the Teachers' Pension and Annuity Fund or the Public Employees' Retirement System or the Police and Firemen's Retirement System elects to transfer to an alternate benefit program by filing the proper applic…

18A:66-173.1. Present or former members of police and firemen's retirement system; transfer of contributions Any person who is or has been a member of the Police and Firemen's Retirement System and who has taken, or shall take, office, position or employment in any position cover…

18A:66-174 Reduction of payments from compensation of participants; employer contributions. 8. (a) Rutgers, The State University and the New Jersey Institute of Technology shall reduce the compensation of each participant in the alternate benefit program and pay over to the insur…

18A:66-175 Termination of membership or participation. 9. Membership or participation in the alternate benefit program shall terminate and the individual shall be considered retired once he has elected to receive a distribution of the value of his accounts in a direct payout, a r…

18A:66-175.1 Distribution under alternative benefit program. 10. Notwithstanding the provisions of section 9 of P.L.1969, c.242 (C.18A:66-175) or any other law or regulation to the contrary, a member or participant in the alternate benefit program who elects to receive a distribu…

18A:66-176 Group life insurance and disability benefits; noncontributory; coverage. 10. As of July 1, 1969 the group contract providing life insurance and disability benefits for all participants in the alternate benefit program of each public institution of higher education in t…

18A:66-177. Purchase of group life insurance and disability benefit coverage; alternate benefit group insurance premium fund As of July 1, 1969 the State Treasurer is hereby authorized and permitted to purchase from one or more insurance companies, as determined by him, group lif…

18A:66-178. Life insurance companies eligible to sell life and accidental death insurance Any life insurance company must meet the following requirements in order to qualify under section 11 of this act: a. Be licensed under the laws of the State of New Jersey to transact life an…

18A:66-179. Conversion privilege upon termination of employment or death Any such group policy or policies shall include, with respect to any insurance terminating or reducing because the participant has ceased to be in service or has retired, the conversion privilege available u…

18A:66-18 Contingent reserve fund. 18A:66-18. The contingent reserve fund shall be the fund in which shall be credited contributions made by the State and other employers. a. Upon the basis of the tables recommended by the actuary which the board of trustees adopts and regular in…

18A:66-18.1 Payment of pension adjustment benefits. 2. Pension adjustment benefits for members and beneficiaries of the Teachers' Pension and Annuity Fund as provided by the "Pension Adjustment Act," P.L.1958, c.143 (C.43:3B-1 et seq.), shall be paid by the retirement system and …

18A:66-180. Designation of payee for death benefits Death benefits under such group policy or policies shall be paid by the insurance company to such person, if living, as the participant shall have nominated by written designation duly executed and filed with the insurance compa…

18A:66-181. Payment of death benefits Any such group policy or policies shall provide that payment of any death benefits which are payable by the insurance company may be made in one sum directly to the beneficiary as hereinafter provided, in equal installments over a period of y…

18A:66-182. Evidence of insurability a. Any person entitled to become a participant in an alternate benefit program shall not be allowed any of the group life and disability insurance benefits if on the date he files an application for participation he is 60 or more years of age …

18A:66-183 Designation of beneficiary; form; payment. 17. The designation of beneficiary by a participant or retirant shall be made in writing on a form satisfactory to the Division of Pensions and Benefits and filed with the division. The participant or retirant may, from time t…

18A:66-184 Disability benefits; payment; total disability; exceptions. 18. The disability benefits provided under a group policy or policies for all eligible participants in the alternate benefit programs shall provide a monthly income if the participant becomes totally disabled …

18A:66-185. Amount of disability benefits The disability benefits provided under such group policy or policies shall be in an amount equal to 60% of the participant's base monthly salary, reduced by periodic benefits to which the participant may be entitled during the period of t…

18A:66-186. Credit by insurer; savings on commissions Notwithstanding any other provision of law, any insurance company or companies, issuing such policy or policies may credit the policyholder either directly or in the form of reduced premiums, with savings by said company or co…

18A:66-187. Certain employer obligations prohibited 21. While any participant in the alternate benefit program may make personal contributions at any time directly to the insurers or mutual fund companies of the individual retirement annuities, no employer obligations will be pai…

18A:66-188. Cash surrender option; policy loans; conditions for annuity repurchase; affect on past and future contributions 22. The alternate benefit programs shall provide an option for cash surrender upon separation from service. The cash surrender shall be applicable only to e…

18A:66-189. Vesting of contributions; qualification under federal tax law 23. The Division of Pensions and Benefits may, in its sole discretion, qualify the alternate benefit program under section 401(a) or 403(a) of the federal Internal Revenue Code (26 U.S.C. s.401(a), s.403(a)…

18A:66-19 Annuity savings fund. 18A:66-19. The annuity savings fund shall be the fund in which shall be credited accumulated deductions and contributions by members or on their behalf to provide for their allowances. A single account shall be established in this fund for each per…

18A:66-19.1 TPAF members, eligibility based on one position. 25. a. Notwithstanding the provisions of any law to the contrary, after the effective date of P.L.2010, c.1, a person who is or becomes a member of the Teachers' Pension and Annuity Fund and becomes employed in more tha…

18A:66-190 Authority to enter into agreements for annuity purchases; method of payment; limitations. 24. The Board of Governors of Rutgers, The State University, the Board of Trustees of the New Jersey Institute of Technology, the Board of Trustees of Rowan University, the Board …

18A:66-191 Prohibited payments; authorized payments. 25. No retirement, death or other benefit shall be payable by the State, Rutgers, The State University, the New Jersey Institute of Technology, Rowan University, Montclair State University, Kean University, or the Division of P…

18A:66-192. Rules and regulations; operation of programs The Division of Pensions shall provide for all things necessary to prepare and operate said alternate benefit programs. The division shall adopt rules and regulations from time to time as it may deem necessary for the opera…

18A:66-2 Definitions. 18A:66-2. As used in this article: a. "Accumulated deductions" means the sum of all the amounts, deducted from the compensation of a member or contributed by or in behalf of the member, including interest credited to January 1, 1956, standing to the credit o…

18A:66-2.1. Teachers; membership in Teachers' Pension and Annuity Fund Any individual in the categories specified in section 1 p. of this act, who was a member of the Teachers' Pension and Annuity Fund on December 11, 1975, shall be considered to be in continuous membership in th…

18A:66-2.2 Veteran status determined for retirement allowance. 4. The Commissioner of the Department of Veterans Affairs shall be responsible for determining whether any person seeking to be considered a "veteran" under N.J.S.18A:66-2, for the purpose of eligibility for a veteran…

18A:66-20. Excess contributions returned (a) Any contributions made by a member in excess of those required shall be refunded with regular interest to January 1, 1956, to the member or his beneficiary or estate or shall, at his request, be used at retirement with regular interest…

18A:66-21. Retirement reserve fund The retirement reserve fund shall be the fund from which all retirement allowances shall be paid except those payable from the pension fund as provided in section 18A:66-22. Upon the retirement of a member other than a present-entrant, his accum…

18A:66-22. Pension fund The pension fund of the retirement system is the fund in which shall be accumulated the reserves for the payment of pensions to present-entrant members other than veterans, and from it shall be paid all retirement allowances of such present-entrant members…