New Jersey § 43:16A-53 Purchase of group life insurance coverage for death benefits.

New Jersey Statutes

§ 43:16A-53 — Purchase of group life insurance coverage for death benefits.

New Jersey § 43:16A-53

Title 43PENSIONS AND RETIREMENT AND UNEMPLOYMENT COMPENSATION

This text of New Jersey § 43:16A-53 (Purchase of group life insurance coverage for death benefits.) 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-53 (2026).

Text

20.The board of trustees is hereby authorized and permitted to purchase from one or more life insurance companies, as determined by him, a group life insurance coverage to provide for the death benefits specified in sections 5 and 6, subsection (3) of section 7, section 9, and subsection (5) of section 10 of P.L.1944, c.255 (C.43:16A-5 through C.43:16A-7, C.43:16A-9, and C.43:16A-10) and sections 16 and 17 of P.L.1964, c.241 (C.43:16A-11.1 and C.43:16A-11.2). Such group life insurance coverage may be provided under one or more policies issued to the board of trustees specifically for this purpose or, in the discretion of the board of trustees, under one or more policies issued to the board of trustees which provide group life insurance coverage for members of one or more other retirement

Free access — add to your briefcase to read the full text and ask questions with AI

20. The board of trustees is hereby authorized and permitted to purchase from one or more life insurance companies, as determined by him, a group life insurance coverage to provide for the death benefits specified in sections 5 and 6, subsection (3) of section 7, section 9, and subsection (5) of section 10 of P.L.1944, c.255 (C.43:16A-5 through C.43:16A-7, C.43:16A-9, and C.43:16A-10) and sections 16 and 17 of P.L.1964, c.241 (C.43:16A-11.1 and C.43:16A-11.2). Such group life insurance coverage may be provided under one or more policies issued to the board of trustees specifically for this purpose or, in the discretion of the board of trustees, under one or more policies issued to the board of trustees which provide group life insurance coverage for members of one or more other retirement systems of the State of New Jersey. Whenever such policy or policies of group insurance shall be in effect, the benefits payable thereunder shall be in lieu of the above mentioned death benefits provided by said sections. Any dividend or retrospective rate credit allowed by an insurance company shall be credited in an equitable manner to the special insurance funds from which premiums are paid. L.1964, c.241, s.20; amended 1967, c.250, s.18; 2018, c.55, s.28.