43:8A-23 - Filing of request naming payee of death benefit; request as to manner of payment - New Jersey Statutes

43:8A-23.  Filing of request naming payee of death benefit;  request as to manner of payment
    Any member may file, and alter from time to time during his lifetime, as desired, a request with the board of trustees naming the payee of any death benefit provided by this act.  Such member may also file, and alter from time to time during his lifetime, as desired, a request with the board of trustees directing payment of said benefit in one sum or in equal annual installments over a period of years or as a life annuity.  Upon the death of such a member, a beneficiary to whom a benefit is payable in one sum may elect to receive the amount payable in equal annual installments over a period of years or as a life  annuity.

     L.1953, c. 423, p. 2143, s. 23.