New Jersey § 43:16A-16 2  Repayment of loans after retirement of member of PFRS.

New Jersey Statutes

§ 43:16A-16 — 2 Repayment of loans after retirement of member of PFRS.

New Jersey § 43:16A-16

Title 43PENSIONS AND RETIREMENT AND UNEMPLOYMENT COMPENSATION

This text of New Jersey § 43:16A-16 (2 Repayment of loans after retirement of member of PFRS.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 43:16A-16 (2026).

Text

2.In the case of any member who retires without repaying the full amount so borrowed, the board of trustees shall deduct from the retirement benefit payments the same monthly amount which was deducted from the compensation of the member immediately preceding retirement until the balance of the amount borrowed together with the interest is repaid. In the case of a pensioner who dies before the outstanding balance of the loan and interest thereon has been recovered, the remaining balance shall be repaid from the proceeds of any other benefits payable on the account of the pensioner either in the form of monthly payments due to his beneficiaries or in the form of lump sum payments payable for pension or group life insurance. L.1981, c.370, s.2; amended 1988, c.134, s.3; 1999, c.132, s.3; 200

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2. In the case of any member who retires without repaying the full amount so borrowed, the board of trustees shall deduct from the retirement benefit payments the same monthly amount which was deducted from the compensation of the member immediately preceding retirement until the balance of the amount borrowed together with the interest is repaid. In the case of a pensioner who dies before the outstanding balance of the loan and interest thereon has been recovered, the remaining balance shall be repaid from the proceeds of any other benefits payable on the account of the pensioner either in the form of monthly payments due to his beneficiaries or in the form of lump sum payments payable for pension or group life insurance. L.1981, c.370, s.2; amended 1988, c.134, s.3; 1999, c.132, s.3; 2007, c.92, s.39; 2018, c.55, s.19.