New Jersey Statutes 52:18A-121. Single cash payment for participant ceasing to be member of retirement system
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Terms Used In New Jersey Statutes 52:18A-121
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Any participant who ceases to be a member of a State administered retirement system and who does not qualify and apply for benefits under another provision of this act shall be paid a single cash payment. The amount of such payment shall be an amount equal to the value of his account as of the last day of the calendar month in which he ceases to be a member of a State administered retirement system.
L.1963, c. 123, s. 15.