18A:66-74 - Authorization to purchase group life insurance - New Jersey Statutes

18A:66-74.  Authorization to purchase group life insurance
    The State Treasurer is hereby authorized and permitted to purchase from one  or more life insurance companies, as determined by him, a policy or policies of  group life insurance to provide for the benefits specified in sections  18A:66-36, 18A:66-37, 18A:66-38, 18A:66-41, 18A:66-42, 18A:66-44 and 18A:66-46e.  The Board of Trustees of the Teachers' Pension and Annuity Fund is  hereby authorized and permitted to purchase from one or more life insurance  companies, as determined by it, a policy or policies of group life insurance to  provide for the benefits specified in section 18A:66-53. Such group life  insurance coverage may be provided under one or more policies issued to the  State Treasurer specifically for this purpose, or in the discretion of the  State Treasurer, under one or more policies issued to the State Treasurer which  provide group life insurance coverage for members of one or more other  retirement systems of the State of New Jersey. Whenever such policy or  policies of group insurance shall be in effect, the benefits payable thereunder  shall be in lieu of the above mentioned death benefits provided by said  sections.

  L.1967, c.271; amended by L.1971, c. 121, s. 36, eff. April 29, 1971.