43:6A-21 - Group life insurance coverage; authorization to purchase; benefits in lieu of death benefits - New Jersey Statutes

43:6A-21.  Group life insurance coverage;  authorization to purchase; benefits in lieu of death benefits
    The State Treasurer is hereby authorized and permitted to purchase from one  or more life insurance companies, as determined by him, group life insurance  coverage to provide for the death benefits specified in sections 17 b., 19 and  20.  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.

    Any dividend or retrospective rate credit allowed by an insurance company shall be credited in an equitable manner to the special insurance funds from which premiums are paid.

     L.1973, c. 140, s. 21, eff. May 22, 1973.