N.J. Admin. Code § 5:30-14.18

Current through Register Vol. 56, No. 17, September 3, 2024

Section 5:30-14.18 - Participant agreement

(a) An eligible active volunteer member may enroll in the plan by executing a participant agreement.

(b) The amount to be awarded shall be specified in the participant agreement.

(c) Once a participant agreement is signed, the participant and beneficiary waive all claims and rights to commute, sell, assign, or otherwise use or transfer rights to receive any payments under the plan, which payments and rights are expressly declared to be nonassignable and nontransferable.

(d) The sponsoring agency and a participant may execute only one participant agreement for purposes of enrolling in a plan during any one calendar year. The participant agreement expires upon termination of service or a revocation of awards.

N.J. Admin. Code § 5:30-14.18