N.J. Admin. Code § 17:5-2.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:5-2.4 - Acceptable designations of beneficiaries

(a) A member's designation of beneficiary or beneficiaries of group life insurance on a duly executed retirement application:

1. Is effective upon filing with and acceptance by the Division, even if the retirement date on the application is in the future or the member withdraws the retirement application;

2. Supersedes any previous beneficiary designation on file; and

3. Such designation shall include: full name, Social Security number, tax identification number (for estates or trusts), address, and date of birth.

(b) If a deceased active member has an eligible surviving spouse, child, or parent, then the deceased member's aggregate contributions at the time of death shall be applied toward the payment of the benefit established pursuant to N.J.S.A. 53:5A-12.a.

(c) If a deceased active member has no eligible surviving spouse, child, or parent, then pursuant to N.J.S.A. 53:5A-12.b, the deceased member's designated beneficiary or beneficiaries of group life insurance also shall be the beneficiary or beneficiaries of the deceased member's aggregate contributions at the time of death.

(d) If a deceased active member has no eligible surviving spouse, child, or parent, and the deceased member has not made an effective designation of beneficiary or has designated no beneficiary for group life insurance, then the Division shall pay the group life insurance and the deceased member's aggregate contributions to the deceased member's estate.

N.J. Admin. Code § 17:5-2.4

Amended by 51 N.J.R. 1059(a), effective 6/17/2019