43:15A-95 - Lump sum or installment payments - New Jersey Statutes

43:15A-95.  Lump sum or installment payments    Any such group policy or policies shall provide that payment of any death benefits which are payable by the insurance company may be made in one sum directly to the beneficiary as hereinafter provided, in equal installments over  a period of years or as a life annuity or in such other manner as may be made  available by the insurance company.  A member may make such arrangements for  settlement, and may alter from time to time during his lifetime any arrangement  previously made, by making written request to the insurance company through the  policyholder.  Upon the death of a member, a beneficiary to whom a benefit is  payable in one sum by the insurance company may likewise arrange for a  settlement as described above. If a member's or beneficiary's request for  settlement of any death benefit in equal installments over a period of years or  as a life annuity pursuant to the foregoing is approved by the policyholder,  the amount of such installments or such life annuity, as the case may be, shall  be determined on the basis of such applicable mortality tables as shall have  been adopted by the retirement system and are in effect at the member's death.   Any arrangement for payment under the group policy to a beneficiary shall be  in lieu of that provided by sections 38, 41, 45, 46, 48, 49 and 57 of Chapter 84 of the laws of 1954.

     L.1955, c. 214, p. 833, s. 8.  Amended by L.1960, c. 79, p. 556, s. 7; L.1971, c. 213, s. 38, eff. June 17, 1971.