N.J. Admin. Code § 17:2-3.14

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:2-3.14 - Acceptable designation of beneficiaries

(a) The beneficiary designation on a duly executed retirement application that is filed with and accepted by the Division supersedes any older designation of beneficiary on file. Such beneficiary designation shall include: full name, Social Security number, tax identification number (for estates or trusts), address, and date of birth. The designation is effective upon acceptance by the Division, even if the retirement date on the application is in the future or the member cancels the retirement application.

1. The beneficiary or beneficiaries designated on the retirement application for the retirement allowance shall be the beneficiary or beneficiaries for the return of the member's accumulated contributions.

2. If no beneficiary designation is in effect at the time of the member's death, or if no one is named as beneficiary for the retirement allowance, the Division shall pay the benefit to the member's estate.

(b) The beneficiary or beneficiaries of the group life insurance designated on the retirement application shall be the beneficiary or beneficiaries of the group life insurance.

1. If no beneficiary designation is in effect at the time of the member's death, or if no one is named as beneficiary for life insurance, the Division shall pay the benefit to the member's estate.

N.J. Admin. Code § 17:2-3.14

New Rule, R.2000 d.74, effective 3/6/2000.
See: 31 N.J.R. 3928(a), 32 N.J.R. 823(a).
Amended by R.2001 d.9, effective 1/2/2001.
See: 32 N.J.R. 3213(a), 33 N.J.R. 62(a).
Added "or the member cancels the retirement" to the end of (a).
Amended by R.2005 d.75, effective 2/22/2005.
See: 36 N.J.R. 4682(a), 37 N.J.R. 619(b).
In (b), deleted "active" preceding "group life insurance" at the end of the introductory paragraph.

Amended by 55 N.J.R. 749(a), effective 4/17/2023