New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 4 - POLICE AND FIREMEN'S RETIREMENT SYSTEM
Subchapter 6 - RETIREMENT
Section 17:4-6.4 - Outstanding loan
Universal Citation: NJ Admin Code 17:4-6.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A member who has an outstanding loan balance at the time of retirement may repay the loan balance, with accrued interest, as follows:
1. In full before the retirement allowance
becomes due and payable as provided in
17:4-6.2; or
2. By deductions from retirement benefit
payments of the same monthly amount deducted from the member's compensation
immediately preceding retirement until the loan balance, with accrued interest,
is repaid as authorized by
P.L.
1999, c. 132
(43:16A-16.2) . If the member does
not request repayment in full, repayment is by deductions in the same monthly
amount deducted from the member's compensation immediately preceding
retirement.
(b) If a retirant dies before the loan balance, with accrued interest, is repaid, the remaining balance is paid first from the group life insurance proceeds, and then from the proceeds of any other benefits payable on account of the retirant in the form of monthly payments that are due to the beneficiary or estate. If multiple beneficiaries are to receive these benefits, each beneficiary shares in repaying the remaining balance in the same proportion in which they are entitled to the benefits.
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