N.J. Admin. Code § 17:1-7.1

Current through Register Vol. 56, No. 11, June 3, 2024

Section 17:1-7.1 - Retirement quotations

(a) Members who apply for retirement will receive a quotation of retirement benefits upon the completion of the retirement calculation. For members of retirement systems that provide for optional survivor benefits, the retirement quotations will include a description of the various options available. If the member named a spouse as the pension beneficiary on the application and provides the spouse's birth date, all survivor options will be included in the quotation, in addition to the maximum allowance.

(b) The quotation of retirement benefits shall inform the member of their right to withdraw, cancel, or change the application for retirement at any time before the later of 30 days after the retirement date or 30 days after the date the Board of Trustees approves the application.

(c) In the event the quotation of retirement benefits is not issued prior to the date of retirement or before the date of approval by the Board of Trustees, then the member will be provided with a 30-day period in which to amend the retirement option selection.

N.J. Admin. Code § 17:1-7.1

Amended by 48 N.J.R. 1306(a), effective 6/20/2016