43:8A-7. Retirement of present entrant member on service retirement allowance; death benefit

(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.

L.1953, c. 423, p. 2130, s. 7. Amended by L.1954, c. 200, p. 759, s. 5.