New Jersey Statutes 43:15A-25.1. Periodic benefits payable under Workers’ Compensation Law; salary deductions paid by employer; retirement benefits application
Terms Used In New Jersey Statutes 43:15A-25.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
The member for whom the employer is making such payments, will be considered as if he were in the active service and shall be permitted to continue to make contributions to purchase the additional death benefit coverage provided by section 57 of P.L.1954, c.84 (C. 43:15A-57).
b. An application for retirement benefits may be approved by the board of trustees while the member, applying for such benefits, is in receipt of periodic benefits under the Workers’ Compensation Law. If a retirant receiving an accidental disability retirement allowance becomes a recipient of periodic benefits under the workers’ compensation law after the date of retirement, the pension portion of the retirement allowance payable to the retirant shall be reduced, during the period of the payment of the periodic benefits, dollar-for-dollar in the amount of the periodic benefits received after the date of retirement, subject to the provisions of section 64 of P.L.1954, c.84 (C. 43:15A-64). The reduction provided for herein shall not affect the retirant’s pension adjustment benefits or survivor benefits that may be payable upon the death of the retirant.
If an accidental disability retirant receives a retirement allowance without reduction and periodic benefits under the workers’ compensation law for any period of time after the date of retirement, the retirant shall repay to the retirement system the amount of the pension portion of the retirement allowance which should have been subject to reduction under this subsection. The repayment may be in the form of a lump sum payment or scheduled as deductions from the retirant’s retirement allowance and pension adjustment benefits. If the retirant dies before full repayment of the amount required, the remaining balance shall be deducted from any death benefits payable on behalf of the retirant.
L.1966,c.217,s.28; amended 1971,c.213,s.46; 1995,c.369,s.2.