Current through Register Vol. 56, No. 18, September 16, 2024
(a) Applications for retirement must be made
on forms prescribed by the Judicial Retirement System (System):
1. Such forms must be completed in all
respects and filed with the Division for the Judicial Retirement System.
Applications for retirement can be filed no more than one year in advance,
except that a member whose employment has ended prior to his or her eligibility
for a retirement benefit, may file an application for deferred retirement at
any time thereafter.
2. In the
event a member files an incomplete application, the deficiencies shall be
brought to such member's attention and such member will be required to file a
completed application with the System within 90 days to enable acceptance for
processing.
3. Before an
application for retirement is processed, it must be supported by a copy of the
member's resignation from the member's judicial office, which has been filed in
the Office of the Secretary of State, and a certificate from the certifying
officer setting forth the employment termination date and the salary reported
in the member's final year of employment.
(b)
P.L.
2002, c. 54 provides a
Judicial Retirement System member the option of selecting a reduced retirement
benefit in order to provide a monthly survivor benefit to a named beneficiary.
This monthly benefit is in addition to and separate from the statutory benefit
already in place for a surviving spouse and dependent children. A member shall,
on the retirement application, select one of nine ways (options) to receive
retirement benefits. Each option provides the member with a lifetime monthly
retirement benefit. Once a retirement benefit becomes due and payable, as
defined by 17:10-5.3
, the option
cannot be changed. Except under the Maximum Option and Option 1, once a member
designates a beneficiary, that beneficiary cannot be changed. The options are
as follow:
1. Maximum Option provides the
largest allowance for the member but does not include a pension benefit paid to
a beneficiary upon the member's death.
2. Option 1 provides a reducing retirement
reserve to one or more beneficiaries. At retirement, a reserve amount is
established to pay the member's lifetime retirement allowance. This reserve is
reduced each month by the member's original monthly retirement allowance. Upon
the member's death, the beneficiary or beneficiaries receive the balance of the
reserve, if any.
3. Option 2
provides, upon the member's death, a lifetime monthly retirement allowance
equal to 100 percent of the member's monthly retirement allowance to a
beneficiary.
4. Option 3 provides,
upon the member's death, a lifetime monthly retirement allowance equal to 50
percent of the member's monthly allowance to a beneficiary.
5. Option 4 provides, upon the member's
death, a lifetime monthly retirement allowance to one or more beneficiaries.
The member determines the retirement allowance which in the aggregate cannot be
more than the Option 2 allowance.
6. Option A provides, upon the member's
death, a lifetime monthly retirement allowance equal to 100 percent of the
member's monthly retirement allowance to a beneficiary. If the member's
beneficiary predeceases the member, the member's retirement allowance shall
increase to the Maximum Option.
7.
Option B provides, upon the member's death, a lifetime monthly retirement
allowance equal to 75 percent of the member's monthly retirement allowance to a
beneficiary. If the member's beneficiary predeceases the member, the member's
retirement allowance shall increase to the Maximum Option.
8. Option C provides, upon the member's
death, a lifetime monthly retirement allowance equal to 50 percent of the
member's monthly retirement allowance to a beneficiary. If the member's
beneficiary predeceases the member, the member's retirement allowance shall
increase to the Maximum Option.
9.
Option D provides, upon the member's death, a lifetime monthly retirement
allowance equal to 25 percent of the member's monthly retirement allowance to a
beneficiary. If the member's beneficiary predeceases the member, the member's
retirement allowance shall increase to the Maximum Option.
(c) Before an application for retirement may
be processed, the Division must receive proof of the member's age, if none is
already in the member's record and proof of the beneficiary's age, if the
member elected Option A, B, C, D, 2, 3, or 4.
(d) In addition to the requirements set forth
in (a) through (c) above, the application for disability retirement must comply
with the provisions of
43:6A-12.
